Cambridge & Counties Bank expands asset finance team with three new hires
Specialist lender Cambridge & Counties Bank has made three new appointments to its asset finance team as the bank looks to capitalise on record demand for its asset finance product suite. Each of the new joiners will be based in the bank’s new Reading office, which has been opened to primarily cater for asset finance clients.
Matthew McDermott has joined as head of credit – Asset Finance Flow, a new business line which has been set up to provide dedicated finance solutions for lending values of up to £150,000. This is a significant market segment for asset finance transactions and one where the bank believes its customer centric approach can make a difference.
Matthew joins from Kion Financial Services where he was head of credit for the UK captive business. He holds over 20 years’ experience in asset finance, having worked at organisations including Lombard, Aldermore, Metro Bank and Wesleyan.
In addition to Matthew, Tamsin Emery joins as business development manager, with over 20 years’ asset finance industry experience. Renny Aspill also joins the team as asset finance lending officer, bringing a strong background in customer service.
The team’s expansion coincides with the opening of Cambridge & Counties Bank’s new office in Reading, one of the UK’s asset finance hubs.
In its 2023 results, published in May, Cambridge & Counties Bank registered its highest ever level of gross new lending in 2023 at £328m up 6% year-on-year.
In particular, the bank’s fast-growing asset finance business experienced record customer drawdowns and net book growth, with exposures up 17%. Dedicated finance for the purchase of classic, vintage and sports cars increased 18%.
Glen Christie-MacAllan, head of asset finance at Cambridge & Counties Bank, said: “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.”
