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Wednesday, October 23, 2019

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Santander to stop writing new asset finance business by end of 2019

Sam Monk | 09:00 Wednesday 18th September 2019

Santander has announced that it will stop writing any new asset finance business by the end of the year.

The bank — which will continue to support its core clients through the provision of different types of lending — intends to reduce the existing asset finance portfolio over time.

Santander’s asset finance business made up less than 5% of its corporate bank portfolio.

“The banking industry is changing at a rapid pace and to ensure that we can continue to grow and improve our business and meet more needs for our core customers, we made some changes to our operating structure and focus earlier this year,” said Tim Hinton, head of corporate and commercial banking.

“Having reviewed our priorities, we concluded that now is not the right time for us to invest further in our small asset finance offering, which comprises less than 5% of our lending to corporates and SMEs.

“We remain committed to continuing to support our corporate and commercial clients through our wide range of products and services.”

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