View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Uncategorized
January 6, 2010updated 12 Apr 2017 4:28pm

Close Brothers acquires GMAC invoice financing book

Close Brothers Group has acquired the invoice financing business of GMAC Commercial Finance Limited, the company has announced. The British merchant bank, which owns Close Asset Finance, has bought the invoice financing loan book of GMAC for a maximum of £98 million (109 million).

By Antonio Fabrizio

Close Brothers Group has acquired the invoice financing business of GMAC Commercial Finance Limited, the company has announced.

The British merchant bank, which owns Close Asset Finance, has bought the invoice financing loan book of GMAC for a maximum of £98 million (€109 million).

As part of the acquisition, 23 staff will transfer over to Close Brothers.

The business will be integrated into Close Brothers’ existing factoring and invoice discounting business, Close Invoice Finance – headed by David Thomson – by the end of July 2010.

Close Brothers’ MD Stephen Hodges said that the acquisition “adds further scale to our invoice finance operations and allows us to leverage our market experience and funding strength to create value for our shareholders.”

Antonio Fabrizio

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Thursday. The leasing industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Leasing Life