Japanese lessor IBJ Leasing is to stop writing new business from
its office in London, Leasing Life learned yesterday.
It is understood that the lender, which was
active in both motor finance and small ticket plant leasing, will
let its portfolio run down for a time after receiving instructions
from its parent, the Industrial Bank of Japan’s leasing division,
last week. It has been indicated that the decision may be reviewed
in the future.
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All 10 London staff will remain at the
business, but it is as yet unknown whether the company’s portfolio
of small-ticket wheeled assets is up for sale.
IBJ Leasing UK was launched as a Greenfield
operation in the late 1980s, and underwent promising initial growth
until slowing down in the early part of the next decade.
Its most recent period of activity began with
the appointment of Sales Director Martin Nixon soon after 2000, who
helped grow the business into a flourishing, largely broker-led
funder.
IBJ was particularly known for lending no more
than £50,000 in any one deal, and was described as a “highly
competent underwriter” and a “solid funder” by introducers.
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