THE LEASING INDUSTRY BRIEFING
The latest news, views and numbers you need to know this month
News in Numbers
70 to 90 BPS
The average size of the capital depletion that nine eurozone bank, including major leasing banks, can expect to experience if they completely write-off their exposure to Russia. The losses are not expected to be material.
17%
The year-on-year increase in European agricultural tractor registrations in April 2021, despite widespread supply chain disruption caused by the Covid-19 pandemic, according to the European Agricultural Machinery Association.
2%
The size of the fall in total asset finance new business (primarily leasing and hire purchase) in February 2022, compared with the same month in 2021, according to new figures released by the UK’s Finance & Leasing Association.
52%
In the US, the percentage of private companies that have either already adopted or are starting to implement lease accounting rules delayed by Covid-19, according to LeaseAccelerator, a provider of lease accounting software.
€1m
The estimated value of broadcasting equipment recently found in an unlocked office in Redhill, Surrey, belonging to Richard Yeowart, the former director of Arena Television (in administration), according to court filings in a civil claim.
People Moves
Close Brothers Asset Finance unveils dedicated agriculture team
Close Brothers Asset Finance announced it has appointed Gareth Evans to head up its new agriculture team. Evans is the first of four new hires who will work closely with farmers to help them diversify and supplement their income from non-traditional sources. Led by Evans, the team will cover the whole of the UK, with each member responsible for their own region and will be attending all key shows.
Source: Close Brothers
New regional sales director for Praetura Asset Finance
Praetura Asset Finance has appointed Lewis Banford to the role of regional sales director for the South of England. Working alongside sales director Ric Simmons and the other members of Praetura’s business development team, Banford will be responsible for over-seeing the continuing expansion of the Praetura Asset Finance brand in the south of England.
Source: Praetura Asset Finance
JCB Finance appoints new managing director
Following 43 years’ service and a highly successful 10-year tenure as managing director, Paul Jennings stepped down as MD on 30 April but will remain within the business until his retirement at the end of July 2022. Jon Hall has been appointed as MD of JCB Finance Ltd from 1 May.
Source: JCB Finance
Rachel Miles appointed to Acquis board
Acquis, a provider of insurance products and services to the European asset finance industry, has promoted its head of marketing, Rachel Miles, to the role of marketing director and to the company’s board with immediate effect. As marketing director, Miles will lead on strengthening the brand across Europe, including launching into new territories.
Source: Acquis
Jeff Andrews joins FIS as a senior sales consultant
Business development specialist Jeff Andrews, who spent seven years with NETSOL and, more recently, almost two years with Solifi (formerly White Clarke Group), has been appointed senior sales consultant with FIS Asset Finance (formerly Ambit Asset Finance).
Andrews will be based in London’s Canary Wharf from where he will focus on the UK and some strategic European markets, the company said in a press release.
He described the opportunity as offering a “chance to work with one of the largest and most respected service providers in the financial world, with a cutting-edge end-to-end asset financing and leasing platform.
“As well as working extensively with FIS globally, FIS sets itself apart by providing a fully managed service for asset finance software, which helps clients’ businesses drive efficiency, continuous innovation and ongoing growth,” he said.
British Ports Association chief executive Richard Ballantyne, following UK Chancellor Rishi Sunak’s announcement that the Freeports selection process will see the first sites in England set up by the end of 2021:
“This is a welcome development and by being more inclusive in terms of the number of freeports there might be, the government can now explore how to better deliver on its levelling up agenda without picking regions over each other. Coastal communities are often in areas of high deprivation and have also experienced challenges resulting from the coronavirus pandemic and lockdown so this potentially transformative policy will be welcomed across a range of suitable locations.”