Fred Crawley
Moneyway, the motor finance arm of
the Arbuthnot Banking Group (ABG), looks set to grow its business
substantially on the strength of profits being made in the
near-prime customer segment.
Go deeper with GlobalData
ABG as a whole experienced a tough
third quarter, on the back of difficult trading for its investment
banking arm.
However its retail banking unit,
Secure Trust (of which Moneyway is a part), “performed well”
according to the company’s third-quarter trading update.
Motor finance was mentioned in the
trading update as a particular area of strength, but the group
could not provide a specific profit contribution figure from either
Secure Trust or Moneyway.
Secure Trust has been led since
September by Paul Lynam.
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By GlobalDataLynam was formerly the head of SME
banking at RBS/Natwest, and a previous managing director of Lombard
North Central, the UK’s largest asset finance company.
Heading up the bank’s lending
function is David Neild, formerly of Barclays Asset & Sales
Finance.
Lynam said Moneyway, set up just
two years ago, was “growing strongly” and achieving “double-digit”
growth.
He explained the company was doing
business across the prime and near-prime regions, and benefitting
from the number of good quality customers falling just outside the
appetite of some the larger lenders.
“We have considerable ambitions for the business,” Lynam
added.
