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Shawbrook shares plunge on impairment

Shawbrook Group plc (“Shawbrook” or “the Group”), the specialist lending and savings bank, has announced in a Trading Update ahead of its Interim Results for the six months to 30 June 2016, that as a result of irregularities in one office in the Asset Finance part of its Business Finance division, the Group expects to book an additional impairment charge of c.£9 million in Q2 2016 on impacted facilities of £14.7 million. The irregularities, which have now been rectified, were the result of a number of loans being underwritten in the Asset Finance business that did not meet the business's strict lending criteria.
 This control breach was identified by the Group's upgraded risk management systems and controls, which were implemented following significant investment through 2015 and H1 2016. After a thorough investigation, the Company is confident that the upgraded risk management systems and controls would prevent the recurrence of such irregularities in the future.
 Steve Pateman, CEO, stated, “While this is extremely disappointing, the irregularities were identified by the upgraded risk management systems and controls we implemented earlier this year. They have been investigated thoroughly and appropriate action has been taken.
 “Since the year end we have simplified our business model into three divisions with clear management lines, implemented an upgraded risk management framework and are confident that our disciplined approach to risk is fully embedded across the business.
 “Whilst the additional impairment charge arising from these irregularities will impact pre-tax profit for the year, performance is otherwise in line with our expectations. Our specialist and diversified market positioning provides a significant advantage as the Group continues to grow strongly and deliver superior returns through a strong Balance Sheet, a stable funding platform and a clearly articulated strategy.”
 In an unrelated announcement it confirmed it has accepted the resignation of Tom Wood, who had made an important contribution helping successfully guide the Company through its IPO and first year as a quoted company. He will leave the Company on 30th June and a search for his successor will now begin. Dylan Minto, who is currently Director of Strategy, will become interim CFO.
Shawbrook will announce its results for six months to 30th June 2016 on 27th July 2016.


Challenger wagons start to roll?

Paul Lynam, CEO of Secure Trust Bank has certainly enjoyed a Spring bank holiday blitz of press publicity. Firstly, we reported in May’s Leasing World that Paul would not “pay a penny!” to the Competition & Markets Authority’s (“CMA”) proposal for a website, paid for by the banks, for customers to compare the benefits of various bank accounts. Paul chairs the British Banking Association’s Challenger Bank panel . .


Charity Skydive

We had previously reported that Mike Randall, who needs no introduction, would be jumping out of a plane from 14,000ft in aid of Cancer Research UK in May, his goal was to raise at least £5,000 for this wonderful charity. Well, Mike now reports that he made it! Together with his colleague Steve Williams they have raised over £9500 for cancer research, and survived a sky dive. And we have pictures to prove it!


Dont miss this opportunity

Rules of the Game Pt.IIIf your business is in the intermediaries channel, and you are serious about your business, you really should consider attending or sending a representative this event.

Feeling FCA-ed out? You know what they say, once it starts, it never stops, but a unique aspect of the UK intermediaries channel is the desire on the part of funders and advisers to help brokers maximise their businesses within the gold plated standards required of the UK financial industry, of course the standards are high - we're in the most advanced financial environment on the planet.

Funders’ Minimum Standards for brokers are on the cards, funders themselves have to adhere to them, and ensure the partners they deal with adhere to them too. It’s a big topic, a major initiative, and one not to be brushed aside.

Do you like Golf? Good, because golf is the theme for the 2nd Rules of the Game Pt.II conference that will deal with the coming of Minimum Standards, FCA Handbook as relevant to asset finance brokers, and all those other topics that have to be constantly kept on top of, like responsibilities regarding Appointed Representatives, Agents, the broker chain, Dealers, and Introducers.

How to Attend? Brokers should ask sponsoring funders and advisers: Close Brothers Business Finance, Aldermore Business Finance, Hitachi Capital Business Finance, Locke Lord, or United Trust Bank for complimentary tickets. Funders and services providers can book directly through the EventBrite booking system, for a modest outlay.

The event is framed in the popular Monday afternoon format, on April 11th, starting at 13.00 at 201 Bishopsgate, London, and here’s what you can expect:


Stay or Go?

We know it’s not leasing per se, but Brexit is a most important issue on today’s business landscape so Leasing World are going to be writing about it. Where do asset finance professionals stand on this? John Allbrook, well-known to many in the asset finance industry through his top roles in Syscap, GoIndustry and GE Capital, is a Criticaleye Board Mentor and Non-Executive Chairman of Cellesce, a leader in the field of regenerative medicine research and process design. Here he presents his case for staying in the EU.


Continuing the economic masterplan

In his Budget Review, George Tonks, of Invigors EMEA writes: There were many questions floating around ahead of this year’s Budget statement, primarily fuelled by two clear themes – the run up to the EU in/ out referendum in June, with associated questions around future leadership of the Conservative party, and the general deterioration in economic conditions, both in the UK and more generally since George Osborne’s last formal statement in November. In particular, some commentators were questioning whether the Chancellor would be forced to backtrack on some of his leniency in that last report, or to announce that the public finances would not move into surplus until after 2019-20 . .



BVRLA: Budget cause for concern

BVRLA Chief Executive Gerry Keaney said: “While it may have been touted as pro enterprise and pro infrastructure, this Budget gives the rental and leasing industry plenty of cause for concern . .


Budget: FLA on transfer of CMC regulation to the FCA

Commenting on the announcement in today’s Budget that regulation of Claims Management Companies ("CMC") will transfer from the Ministry of Justice to the Financial Conduct Authority (FCA), Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association, said:

“After many years of campaigning. .


Aldermore first with Budget SME comment

Commenting on the Budget announcement that the tax threshold for small businesses will rise to £15,000, Carl D’Ammassa, Group Managing Director of Business Finance at Aldermore, said, “The increase of the tax threshold for SMEs announced today . .


CBAF wins Best Customer Focus award

Close Brothers Asset Finance (“CBAF”) has won the Best Customer Focus Category at the 2016 Best Business Awards. The Best Business Awards pride themselves on having a large panel of over 20 independent expert judges who select winners according to strict criteria for each category and sector.


Happy Birthday Investec!

Investec Asset Finance plc (“Investec”) is now 10 years old, a proud milestone in the history of one of the leading funders in the market
The last 10 years has seen Investec provide over £3 billion in funding to SMEs, and consistently support the UK intermediary market. The business has built a network of over 200 brokers . .


24 percent still use HP12C!

Nearly a quarter of Asset Finance Brokers continue to use a 35 year-old gadget to help them calculate deals, a recent survey from United Trust Bank has found . .


Profile: Renaissance Asset Finance

Hugh Sigrist founded Renaissance Asset Finance (“RAF”) in May 2014, and the business commenced lending in July 2014. The business has a core belief of visiting all its SMEs in the field at their operations, so they fully understand the requirements of the business and can then identify genuine funding solutions for the client, and this has certainly paid off, as BLME, through its Leasing division headed by Fred Yue, has agreed to acquire the company . . .



OneSavings boosts VFS Legal

From its inception just over four years ago, VFS has built a portfolio of receivables across a range of law firms, funded by a mixture of equity, loan notes and P2P funds via Archover. Recognising the demands of a growing loan book and increasing demand, VFS decided to work with Asgard Partners to put a suitable structure together, which succeeded in securing an initial facility of up to £20 million from OneSavings Bank (“OSB”) . .


Profile: Carl D Ammassa takes on leasing and invoice finance

Since he was elevated to Aldermore’s executive team in summer last year Carl D'Ammassa has been implementing a new structure within the recently listed bank with both asset finance and invoice finance reporting to him . . 


£51m facility for LDF

The British Business Bank has announced a £51 million facility to LDF, a non-bank finance provider, to fund a portfolio of newly originated small business asset finance receivables. The transaction, which is 50 percent guaranteed by the European Investment Fund, is the second of the British Business Bank’s ENABLE Funding programme (the first being Hitachi Capital), which aims to increase significantly the supply of leasing and asset finance to smaller businesses in the UK.


Could leasing catch its death?

The doing away with tax relief for interest expense on corporate debt would have a devastating effect on UK leasing companies, as well as lessees with operating leases parsing their lease rentals into interest expense and capital when the new lease accounting takes hold, and of course private equity companies which finance their acquisitions with debt. But why start scaremongering when the scenario above isn’t likely ever to happen?


FLA launches vulnerable customer programme

The Finance & Leasing Association (FLA) has begun a programme of work to help its members identify and support vulnerable customers.
FLA members already work hard in what is a notoriously difficult area of customer service. The plan is to create an information hub to capture and share good practice across the industry, including topics like Powers of Attorney and Data Protection. 


UTB Board appointment

United Trust Bank has announced the appointment of Jonathan Ayres who joins the Bank as Chief Financial Officer (“CFO”). He was most recently the CFO of C. Hoare & Co, and previously CFO of specialist fund manager Ecofin. His other roles have included Head of Finance at Cazenove Capital Management, and equity analysis at Goldman Sachs.


Basel hope for Challengers?

The Basel Committee on Banking Supervision has issued a Second consultative document on Revisions to the Standardised Approach for credit risk, inviting comments by 11 March 2016. One of its proposals is for those using the standardised approach to apply a lower risk weight of 85% for exposures to SMEs . .


New Masters in Leasing

Falmouth University has launched an MA Leasing and Asset Finance, designed and delivered via a mix of distance learning, academic supervisors and industry mentors, in association with non-profit organisation The Leasing Foundation . .


Catch up with Basel 3/4, IFRS16, aircraft, systems

International and EMEA leasing news is available on the Leasing World International APP for iPad, iPhone, and Android devices, and is free to download. For those looking to view on their PC . .


Implementing IFRS16

Ultimate IFRS16 session . .


Leaseurope launches SME Roundtable

Leaseurope is launching a series of roundtable meetings across Europe to discuss leasing as a key source of finance for SMEs. The aim is to explore the national SME financing landscape and improve the understanding of leasing as a valuable form of investment finance, as well as identifying any potential obstacles hindering its use by local SMEs and how these could be tackled at national and ultimately European levels . .


New International CEO at Bibby

Independent business funder, Bibby Financial Services (“Bibby”), has announced that Steven Box has taken on the role of International Chief Executive Officer. In addition to Bibby’s European businesses, as of 1 January 2016 he is responsible for operations in Canada, USA, India, Hong Kong, Singapore and Malaysia . .


dll sale rumours

It has been widely trailered in the Dutch and international press that Rabobank Group is in preliminary talks with banks, institutional investors and private-equity firms that may bid for its leasing unit, De Lage Landen International BV, in a sale that may fetch as much as €4.5 billion, according to various sources.


Leaseurope appoints Leon Dhaene

Leaseurope, the trade association representing the European leasing and automotive rental industries in Europe, has announced that its Board of Directors has unanimously appointed Leon Dhaene as Director General effective 1 December 2015. Leon Dhaene succeeds Tanguy van de Werve who left Leaseurope to join AFME, the Association for Financial Markets in Europe, to head their Brussels Advocacy Office.


LeasePlan world leader

LeasePlan Corporation N.V has reached a record level of 1.5 million vehicles worldwide, a landmark it considers as confirming its global market leadership . .


A small community, a very big business

How much does it cost to get into a highly paid career in leasing, that has a touch of glamour about it? There is a way, so how might one go about it? 


Don’t try fiddling leases in Vietnam

In Vietnam, the HCM City People's Court has handed down death penalties to two former executives, one a leasing executive, for embezzling the equivalent of approximately $5.2 million and abuse of power while running state leasing companies.


Sword Apak’s 3rd Italian win

Agos Ducato (a subsidiary of Credit Agricole Consumer Finance) has become Sword Apak’s third Italian based client to date. Expanding its wholesale operations in Italy by introducing main dealers into its business portfolio, Agos needed a robust platform to support its expansion plans. Having reviewed the options, it selected Sword Apak to implement its state-of-the-art Wholesale Floorplanning System (WFS) v6. This is the second implementation for Sword Apak under the Credit Agricole umbrella with Netherlands based bank Ribank already a well-established WFS client . .


Car paranoia for legal eagles?

Supposing a firm leases a fleet of cars from a lessor, and overnight all those cars have to be recalled for the same fault. The usual lease agreement says the lessee has to keep paying whether the asset is available to use or not. 

But what if the lease is through the car manufacturer’s leasing captive?


They should have googled it?

Did Google google their new name Alphabet before adopting the new handle? Because within a few hours of receiving the Google Alphabet announcement, our editor’s office received a terse email from Munich saying, “As being reported in the media, Google has founded a holding company called Alphabet. The website www.alphabet.com is owned by BMW Group . .


GE $8.5bn healthcare sale

GE has announced the $8.5 billion sale of GE Capital Healthcare Financial Services to US bank Capital One. This is less than the $10-$11 billion mooted in the press from “people close to the matter” just three or four weeks ago.


Watch out: Uber’s understood leasing

Most people have heard of Uber, and know what it is - it’s a taxi service that’s given traditional taxi companies a lot to think about. But actually, Uber says it’s something different to that, Uber says it’s an App, and the App is now creating its own leasing company . .


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Leasing World is a hard copy magazine, which is mailed monthly to our subscribers. A digital version is available with two or more hard copy subscriptions. The typical edition features UK leasing news, surveys and legal pieces, plus shorter European and International leasing news stories. Special columns include Systems etc (software providers), Top of My Mind (latest legal info), Aspects of Fraud, City Chatter (a City lessor's blog, need we say more), Meanwhile Back in the Office, Recruitment Map, and Moves. There are always special features that examine a particular area of leasing, plus corporate profiles, conference coverage, and a Leasing events calendar.

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