Staff at Lombard, the asset finance division of Royal Bank of
Scotland (RBS), have been notified that a number of Lombard’s
business units are being reviewed, with some being termed
“non-core”.
It is understood that these include Lombard Vehicle Management,
Lombard Ireland, and Lombard’s indirect division.
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Earlier this year, following the government’s nationalisation of
the bank, RBS announced plans to deleverage their balance sheet and
move certain individual businesses into the new restructuring and
risk division of the bank.
RBS is now considering potential options for the future of the
specialist business units within Lombard, which are being moved
into the new restructuring division. There is widespread
speculation that the non-core businesses will be either sold or
wound down.
However, a spokesperson from Lombard noted that the term
“non-core” was being used loosely. He stressed that the “review
process was still underway and that no conclusions have been made
as yet.”
Instead, the aforementioned businesses are under review, which
may mean a restructuring of the businesses. “Nothing is currently
up for sale,” he added.
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By GlobalDataMore details will appear in the next issue of Leasing
Life (July issue).
Abdus Shuman
