New UK bank Aldermore has effectively doubled
the size of its asset finance portfolio by acquiring the lease book
of Heritable Asset Finance (HAF).
Heritable Bank, the former parent of HAF, went
into administration in October 2008 after Icelandic owner
Landsbanki was nationalised.
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As of October 2009, administrators at Ernst
& Young valued the HAF portfolio at £39.3 million, comprising
around 6500 loan agreements.
The book was said to be “performing well”,
with the percentage of agreements in arrears down to 18 percent
from 31 percent in April, and set to decline further with continued
collections efforts.
As a result of the acquisition, Aldermore’s
asset finance book now comprises around a quarter of the bank’s
total balance sheet.
In addition, the HAF portfolio had
considerable exposure to the professions sector, giving Aldermore a
strategic inroad into this growth area.
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By GlobalDataEarlier this month, it was revealed that
Investec Asset Finance had made a similar move, buying a
controlling share in broker LeaseDirect Finance, which itself
represented a strong route into the professions marketplace.
Fred Crawley
