This page contains a Flash digital edition of a book.
uk news

Lombard appoints new corporate MD


ombard has recently appointed Gary Leitch as Managing Director, Corporate Asset Finance. “We believe that with over twenty years of asset finance experience across SME, corporate, and large corporate clients, Gary is the right man for the job,” says Alexander Baldock, Managing Director of Lombard. Having previously headed up Lombard’s Specialised Relationship Management, where Leitch was responsible for providing support to companies concerned about the continuing uncertain economic conditions, or facing financial challenges, Leitch’s new role will see him leading his regional teams to develop, manage, and support existing and prospective Lombard customers.

The appointment comes at a time when Lombard celebrates its 150th anniversary, and also sees many exciting changes taking place, including the launch of the company’s newly refreshed brand. “Gary’s wealth of asset finance experience in sales, operations and risk management, across a range of business industries, puts the team in a good


GRANT THORNTON HELPS BIBBY TO WIN EXTRA FUNDING Bibby Leasing Limited, a subsidiary of Bibby Financial Services Limited, has secured a new three year block discounting facility totalling £26.5 million from a syndicate of funders. Based in Leeds, Bibby Leasing provides capital asset lease finance for catering equipment, materials handling equipment,

minibuses and veterinary Gary Leitch

position to provide innovative asset finance and asset management solutions for customers, and to deliver on our promises to our clients and internal teams,” said Baldock. “With his background and knowledge of the company, accompanied with his high standards and proven leadership credentials, we believe Gary will contribute positively to the company.”

ome analysts at the Bank of England are saying that the new Basle III rules requiring banks to hold more capital are too weak, and safety levels should be doubled to better provide against future shocks, researchers at the Bank of England have concluded.

BoE says Basle III weak S

The discussion paper calculates that forcing banks to hold twice as much equity against potential losses would cut economic growth by 6 percentage points, but that the additional stability would be worth it. The paper concludes that banks to hold equity capital of 16-20 percent of their assets, adjusted for risk. The new Basel III minimum is 7 percent, and phases in gradually over eight years.

“Clearly a far more ambitious reform would ultimately be desirable, a capital ratio which is at least twice as large as that agreed upon in Basel would take the

March 2011 ■

banking sector much closer to an optimal position,” runs the argument. The downside that funding costs could rise between 0.1 and 0.4 percent is seen as a relatively small price to pay.

Some are pointing out that focusing on equity is blinkered, and other ways of making banks safer should be pursued. This might make it possible for banks to be safer without increasing their equity, after all, whether it’s 7 percent or 17 percent, it still leaves a whopping portion of risk exposure uncovered. Also, a contrarian idea starts to form in people’s minds, which is that if the taxpayer always has to pick up the pieces afterwards, why not halve the capital cushion rather than doubling it, it would get the banks lending again, rather than building up their balance sheets at the expense of business growth?

equipment, among others. It enjoys market leadership status in a number of its specialist asset areas. The funding, which was secured with assistance from Grant Thornton, represents a refinance of existing facilities as well as the provision of additional finance, which will assist the business in realising an ambitious growth plan in respect of well-performing existing sectors and potential new niche areas. Carol Roberts, managing director of Bibby Leasing, says, “In an economic climate where liquidity remains scarce, the fact we have secured this funding is testament to both the ambition of Bibby Leasing, and the flexibility of our funding partners. Tarun Mistry, Gerry Moon, Ali Sharifi, and Anthony Barrett at Grant Thornton all worked tirelessly on the project beside us to achieve this successful refinancing facility.” Bibby Financial Services recently secured a £340 million refinancing, allowing the business finance provider to meet increased demand for funding by businesses of all sizes. Mark Hartigan, group risk and finance director at Bibby Financial Services, adds, “As the economy begins its recovery, it’s vital that businesses can gain quick access to funding to enable them to capitalise on any potential growth opportunities. While other high street lenders remain risk-averse, we’re very much open for business, and the fact we have secured these additional block discounting facilities will enable firms to continue to obtain funding from a secure provider which has the ability and appetite to lend.”


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52