Tuesday, 25 October 2011
Bank Leumi Buys Coface Clients
In a deal completed on 11th October 2011, Leumi ABL Limited, the asset based lending subsidiary of Bank Leumi (UK) plc, has acquired a portfolio of clients from Coface.
Commenting on the acquisition, Paul Hird, CEO of Leumi ABL, said: “This is another exciting development for the Leumi ABL team and builds on our very successful growth to date. We very much look forward to welcoming the Coface clients who will be joining us.”
Phil Woodward, Managing Director of Leumi ABL, added: “This deal continues our growth strategy and follows our purchase two years ago of the Charterhouse Commercial Finance client book. Since launching Leumi ABL five years ago, we’re proud to have built a strong reputation in the mid tier deal making arena. We are very pleased to be able to extend our offering to assist the growth of these additional clients, whilst offering the flexibility, speedy decision making and personal approach for which we are known. As with our existing clients, Leumi ABL’s full asset based lending capability will be available to support these new clients as their business needs evolve.”
What is Asset Based Finance? its an alternative way to fund your business growth using assets such as stock, plant and machinery and sales ledger to leverage cash back into the business.
Martin Risman, formerly of Coface, has recently joined Leumi ABL as Regional Sales Director where his new role will involve overseeing the successful integration of the new clients within the Leumi ABL team and providing ongoing client relationship management from the Brighton-based head office.
Xavier Denecker, Managing Director of Coface in the UK and Ireland, said: "Coface is discontinuing its receivables finance activity in the UK to focus on its core business, trade credit insurance. We are confident that our receivables finance clients will find at Leumi ABL the business understanding and quality of service they appreciated at Coface. We look forward to developing with Leumi ABL a strong partnership between receivables finance and insurance."
Coface were advised and supported by Rupert Rawcliffe of Grant Thornton and Paul Scrivin-Wood of ABL Resourcing.
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