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Shawbrook's warning of a £9m charge stemming from "irregularities" in its asset finance division was horribly timed.
This peculiarity of asset finance suggests that one solution could be introducing a dynamic stabiliser that changes the effective loan-to-value ratios automatically and countercyclically.
DealBook » Lloyds Shuffles Management | Lloyds said Truett Tate, the wholesale banking head, would retire, while the retail banking and asset finance divisions would get new leaders, Reuters reports.
On Tuesday, the firm said it had hired Mr. Donovan and Greg Richter from Prudential to be co-heads of its asset finance business, which it is rebuilding.
BT rebuffed that offer, from an American group made up of Babcock & Brown, an asset finance company, and Chancery Lane Capital, an investment bank, late last month.
Late last month, B.T. rebuffed the offer, from an American group made up of Babcock & Brown, an asset finance company, and Chancery Lane Capital of New York, saying it was not in shareholders' interest.
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But its owner, Omer Kutluoglu, had to go to a Belgian bank, KBC Capital, to secure £2m in asset financing after getting the cold shoulder from 15 British banks, including RBS.
Particularly for automotive financing as asset financing, there is a close relationship between loan and collateral.
Turning the model on its head, Rentomojo began working with banks for asset financing.
A real data set involving 139 different alternatives for long-term asset financing provided by Czech banks and leasing companies is taken to illustrate the potential application of the proposed approach.
Aside from the asset financing deal — which will see AnyPay's Harbourfront Capital vehicle own the new assets — Drivezy uses peer-to-peer and dealership partners for its fleet.
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