The Australian arm of Investec Bank has
increased the size of its asset finance business with the
acquisition of vendor finance specialist Alliance Equipment Finance
(AEF).
The deal was designed to complement Investec’s
operations in asset finance in South Africa and the UK, according
to David Clarke, chief executive of Investec Australia.
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With its 12,000 strong customer base, AEF has been providing vendor
finance to both corporate and SME customers since 1992.
Matthew Ingram, Investec Australia’s head of asset finance, said
the state of the Australian market had given the business cause for
optimism. “In the past few years we saw businesses tighten their
budgets and sweat their equipment longer than they would usually.
We see that cycle coming to an end.”
Investec has retained all 48 staff to
work across AEF’s five Australian offices.
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