Investec Asset Finance plc has announced that it has acquired Lombard North Central plc’s block discounting portfolio for an undisclosed amount.
The acquisition will broaden Investec’s footprint within the wider block discounting market and is in line with its strategy to extend Investec’s lending both organically and through acquisitions.
Virtual Lease Services Limited, Lombard’s incumbent portfolio manager, will continue to manage the portfolio on Investec’s behalf.
Ian Isaac, Managing Director of Lombard within the RBS Commercial & Private Banking Division said:
“This is part of our continued efforts to become a more focused and sustainable bank for the future. We continue to work with Investec to ensure a smooth transition for customers.”
Osian Rees, Head of Wholesale Funding at Investec said:
“We are delighted to acquire this portfolio from Lombard. It demonstrates Investec’s commitment to financing SMEs through block discounting and complements our other SME lending channels. We look forward to working with each of the underlying block counterparties and to growing our presence in this key market for Investec.”
Louise Ikonomides, Managing Director, VLS added:
"VLS has worked closely with Lombard for over a decade as administration partner for its Block Discounting business. We are pleased to continue managing the portfolio and associated periodic Audit, maintaining continuity for the borrowers and demonstrating VLS's unique delivery qualities in an extended servicer relationship with Investec Asset Finance."