Hitachi Capital’s Business Finance division in the
UK severed the majority of its links with asset finance
brokers this week, as part of a business review that will see it
concentrate investment on building vendor and manufacturer
relationships, particularly in its agricultural line of
business.
“We have taken a look at the business as a whole, with a view to
developing our direct relationships with customers,” said head of
business finance Robert Munn. “We have found our direct business to
be more profitable, less risky and more sustainable, and as such we
have made the decision to cut broker business in general asset
finance and professions finance.”
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He clarified that whereas broker introduced business for general
asset finance and for finance of the professions would no longer be
accepted, broker links would remain in place for Hitachi Capital’s
agricultural asset finance business line, although still under
further review.
“Although withdrawing from general broker business will impact
several roles at Hitachi Capital,” continued Munn, “we will try to
minimise losses and transfer skills and experience to areas of the
business which we intend to grow.”
Whereas he said that future business volumes would be difficult
to predict, Munn clarified that the company intends to increase net
business to at least compensate for the loss of broker links,
especially through development of vendor programmes and direct
sales.
He clarified that fleet broker deals, falling under the remit of
Hitachi Capital’s separate Vehicle Solutions division, would be
entirely unaffected by the review.
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By GlobalDataFred Crawley
