ABN AMRO Asset Based Finance formed
ABN AMRO Commercial Finance and ABN AMRO Lease have officially merged to form ABN AMRO Asset Based Finance N.V.
The UK branch is led by Richard de Keijzer, previously managing director of commercial finance and, prior to that, lease. Deborah Bell and Simon Lefevre will continue to head up the respective commercial departments, and both business lines will continue to use their trading names.
Richard said: “This merger successfully combines two strong, award-winning asset-based business lines, creating economies of scale, with greater efficiencies for growth and underpinned by increased capital strength.
“By formalising the partnership of our experienced asset-based finance professionals across commercial finance and lease, we hope to create increased opportunities for UK businesses as we continue to develop our cross-border and multi-local funding solutions.”
The move forms part of ABN AMRO’s growth strategy, expanding its asset-based finance offering.
In the UK, ABN AMRO Lease has grown significantly since it was established in 2014, with both the team and portfolio quadrupling in size. ABN AMRO Commercial Finance has served thousands of businesses for almost three decades, and in 2017 witnessed record-breaking funds in use, up 32% year-on-year.
The combined UK entity will have a portfolio of approximately £1.4bn, with almost 1,000 clients and 200 employees. It will play a crucial role in the wider international group across Germany, France and the Netherlands with more than 750 employees.
Richard added: “Both businesses are passionate about delivering an excellent service to their clients. Commercial finance has just been awarded a Net Promoter Score of 71 in an annual customer satisfaction survey, and lease has recently won the award for Best Middle Ticket Lessor by industry peers.
“By bringing together the expertise, knowledge and commitment of both teams into one, we have an enormous opportunity to enhance customer experience and accelerate our current growth trajectory.”