The new hires will operate from the bank’s recently established office in Reading. Credit: Scott Graham on Unsplash.

Cambridge & Counties Bank, which specialises in asset finance, has strengthened its team with three new appointments.

The new hires will operate from the bank’s recently established office in Reading, which serves as a hub for asset finance clientele.

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Matthew McDermott has been appointed as head of credit-asset finance flow, a novel division aimed at providing bespoke finance solutions for loans up to £150,000.

This segment is pivotal for asset finance transactions, and the bank is poised to leverage its customer-focused approach to make a significant impact.

McDermott brings more than two decades of industry expertise, having previously served as head of credit for Kion Financial Services’ UK captive business, with a career spanning Lombard, Aldermore, Metro Bank, and Wesleyan.

Joining McDermott, Tamsin Emery steps in as business development manager, also with over 20 years in the asset finance sector.

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Renny Aspill joins as asset finance lending officer, adding a wealth of customer service experience to the team.

This expansion aligns with the opening of the bank’s new Reading office, a move to tap into one of the UK’s asset finance hotspots.

Cambridge & Counties Bank reported a record-breaking gross new lending figure of £328m in its 2023 results, marking a 6% increase from the previous year.

The bank’s asset finance business, in particular, saw a surge in customer drawdowns and net book growth, with exposures climbing by 17%. Notably, dedicated finance for classic, vintage, and sports cars soared by 18%.

Cambridge & Counties Bank head of asset finance Glen Christie-MacAllan commented: “Asset finance continues to grow in importance to many UK businesses during these uncertain times, and we continue to invest in our own team and market proposition to meet this strong demand servicing our valued business partners and customers. These fantastic new appointments, alongside the opening of our new office in Reading and the roll out of our new Flow business line, underscore the bank’s deep commitment to the Asset Finance market, our brokers and our customers.”