Investec has made Andy Hart head of its Asset Finance Group (AFG), effective as of 11 April 2016, replacing former head of asset finance Mike Francis.

A spokeswoman said Francis was moving internally to take on a role with wider responsibility at the bank, which was yet to be publicised.

Hart has over 20 years’ experience in the UK asset and consumer finance markets and a proven track record of implementing market leading technologies, said Investec.

His previous roles include chief executive officer of Shop Direct Finance, a large UK non-bank lender and the owners of Littlewoods and Very, and as managing director of Lombard North Central.

Investec’s Asset Finance Group comprises of a number of distinct business units including sales aid broker, block discounting, materials handling and supplier financing, consumer point of sale and more structured corporate lending.

Andy Hart said:"I am delighted to join the Asset Finance Group. Over the last 10 years it has grown into a successful and sustainable platform for Investec, with the core business providing finance to more than 100,000 SMEs and corporates. I am excited to join such a great team, look forward to helping drive growth, developing new distinctive product offerings and ensuring that we continue to deliver our market leading customer service."