Investec Asset Finance has acquired the block discounting portfolio of Lombard to broaden its footprint in the market.
The deal, for an undisclosed amount, will see Virtual Lease Services, Lombard’s incumbent portfolio manager, continue to manage the portfolio on Investec’s behalf.
Ian Isaac, managing director of Lombard, 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 the agreement demonstrated Investec’s commitment to financing SMEs through block discounts.
He added: “We are delighted to acquire this portfolio from Lombard. It complements our other SME lending channels and we look forward to working with each of the underlying block counterparties and to growing our presence in this key market for Investec.”
