Secure Trust Bank launches new asset finance division
SOLIHULL-based Secure Trust Bank has bolstered its business and commercial service offering with the launch of its asset finance arm.
The challenger bank is set to use the new division to target SMEs as it looks to expand its presence in an increasingly competitive market.
The asset finance model is used by firms as a sustainable and cost-effective way to buy and refinance physical assets, including plant equipment, commercial vehicles and machinery. Solutions include hire purchase, lease finance and refinancing.
Secure Trust has also appointed Blackburn-based independent finance company, Haydock Finance as its authorised representative for hire purchase and lease solutions. The long-term partnership allows Secure Trust to access a wide range of Haydock’s asset financing services, assisting the firm in sourcing new business and providing support to clients on an ongoing basis.
It is the second time Secure Trust has looked to the North West for expansion. Last September it opted to spurn its Solihull base and establish its commercial finance operation in Manchester.
Steve Worrall, managing director at Haydock Finance, said: “Haydock is well established in the asset finance industry, and this partnership will be incremental in helping Secure Trust Bank’s asset finance division during its initial stages of development.
“While the partnership is mutually beneficial, it is completely unique in our industry and provides Secure Trust with proven systems and resource so that it can quickly establish a presence in the market. This will allow both companies to compete with stronger balance sheets and higher value assets, and we are very much looking forward to working together.”
Paul Marston, managing director of Business and Commercial at Secure Trust Bank, said: “We are delighted to announce the launch of the Asset Finance arm in addition to our commercial finance business which entered the marketplace back in September. Our Business and Commercial division is now able to offer SMEs a full suite of solutions to achieve the funding their business needs to grow.
“The appointment of Haydock Finance as our authorised representative further strengthens our asset finance offering, and will be central in assisting us in building the business during the coming months.”
Take-up of asset finance by UK SMEs has increased substantially in recent years, with 2014 figures showing a 14% increase on the previous year to £25.4bn – the strongest annual rate of growth since the onset of the financial crisis.
