£28.5m
London Scottish Bank finalised a deal early August to sell its
invoice financing division to Hitachi Capital UK for £28.5m.
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London Scottish Invoice Finance is the invoice discounting and
factoring subsidiary of LSB. It contributed £2.5m to the bank’s
balance sheet last year, one which was hit by a £22m impairment
charge and was the first London listed bank to be ordered by the
FSA to increase reserves under the then new Basel II rules.
Management of LSIF will transfer to Hitachi Capital as part of
the disposal, including MD Steve Smith, who said of the move:
“We’ve now got the backing of a strong parent company with
resources. This is a new acquisition for Hitachi moving into the
invoice financing market, and we’re looking to take on the banks.
We can offer more services at a lower cost, and we’re nimble.”
The sale was announced on the 1st June 2008, subject to
shareholder approval. “This led to our best sales month this year
with 14 new deals and an increase in our book of 2.4 per cent for
the month which, if annualised, would be 28 per cent,” said
Smith.
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