Fortis Lease UK is in the process of diversifying its portfolio
in order to grow the business and spread risk more
widely.
Paul Burgess, chief executive of Fortis Lease UK, said the
company is “heavily weighted towards vehicle finance” and that he
planned to “balance that growth [of vehicle finance] with other
long-term asset-based lending”.
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He added:“We are trying to diversify our portfolio.We want to
get into other markets to spread our risk.” He went on to say
Fortis Lease Group is “currently looking at its own residual
value-based capability across Europe”.
Isobel McEwan, sales director of the company, said: “It’s
appropriate for us to strengthen our risk controls around the
consumer market.”
Burgess recently replaced Gerard Moon as chief executive of
Fortis Lease UK and Philippe Delva stepped down as CEO and managing
director of Fortis Lease Group after five years in the post. Delva,
who has been promoted to head of Fortis Commercial Banking, has
been replaced by David de Buck.
The company has also recently established Fortis Vehicle
Finance, one of four divisions of Fortis Lease UK. This new
business includes the company’s vehicle finance-related activities,
including retail motor point-of-sale finance, dealer vehicle
stocking finance and fleet funding. Jon Sutton manages this
enlarged business unit, which represents 59 per cent of the
business.
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By GlobalDataThe company wants to grow its overall portfolio from £1.6bn to
£2bn by year end 2008.
Its other three businesses that will be the focus of greater
investment include Structured Asset Finance. It represents six per
cent of the business and focuses on larger value transactions,
including yachts and business jets for high-net-worth individuals.
This business also supports the parent bank’s larger institutional
clients, as well as transacting cross-border and tax-based deals.
Chris Cooper, who recently joined from Lombard, the asset finance
arm of RBS, heads up this business.
Indirect Sales, headed by Sandy McBain, represents 25 per cent
of the company’s business and focuses on introductions from
intermediary broker, vendor and international vendor
relationships.The fourth arm is Direct Sales, headed by David
Brownbill, which supports the Fortis Commercial Bank clients with
turnovers of up to £300m.
Fortis Lease UK also recently developed its own point-of-sale
system to improve the speed and turnaround of its indirect
transactions. Fortis Lease UK is about to take substantial
new office space in Glasgow’s International Financial Services
District and will relocate there in quarter three 2008. “The new
offices will facilitate the growth potential of the business over
the next three years,” said McEwan.
