United Trust Bank’s Asset Finance division has doubled its lending in the last 12 months.
This growth reflects UTB’s ambition to grow its market share and highlights the success of the team led by Martin Nixon. Martin joined UTB from IBJ Leasing in 2011 and was joined by former IBJ colleagues Paul Taylor and Lee Chandler to further develop the asset finance business at UTB.
Together the team have developed UTB’s book from one which operated predominantly within the agricultural sector to one with a much wider range of wheeled and tracked assets including construction equipment, buses, coaches, commercial vehicles and prestige cars.
The Bank recently enhanced its commission structure, making it even more competitive for its broker partners, and increased its maximum loan size to £750k.
UTB also recently announced five new appointments in the Asset Finance team with Ian Short joining as Head of Sales, John Cullingford becoming Business Development Manager for the North of England and Scotland, Richard Bristow appointed as Credit Manager, Peter Price appointed Asset Finance Underwriter and Sarah Bowyer appointed Asset Finance Administrator.
Martin Nixon, Head of Asset Finance at United Trust Bank said;
“Last year United Trust Bank established itself as a significant niche lender within the UK asset finance sector. We have more than doubled our lending year on year and we’ve recently taken steps which will enable us to further develop the business whilst maintaining our focus on broker service.
“The credit squeeze on UK SMEs continues, but growing companies still require capital to invest and to take advantage of opportunities as they arise. Flexible and pragmatic niche lenders such as United Trust Bank have stepped up to fill some of the gap left by mainstream banks which have withdrawn from sectors of the market. UTB is consequently providing asset-based credit solutions for a diverse range of business purposes.
“Our appetite for lending remains strong and our first quarter performance has continued on an upward trend. I’m confident that throughout the rest of 2013 we will see further substantial growth in UTB’s asset finance business.”