Investec Asset Finance acquires Lombard’s block discounting business

Investec Asset Finance has acquired the block discounting portfolio of Lombard to broaden its footprint in the market.

The deal, for an undisclosed amount, will see Virtual Lease Services, Lombard’s incumbent portfolio manager, continue to manage the portfolio on Investec’s behalf.

Ian Isaac, managing director of Lombard, said: “This is part of our continued efforts to become a more focused and sustainable bank for the future. We continue to work with Investec to ensure a smooth transition for customers.”