United Trust Bank (UTB) is making a strategic expansion by launching an asset finance operation in Scotland, capitalising on the growing opportunities in the region’s underserved market. This move involves appointing a business development manager to foster new broker relationships, particularly focusing on small and medium-sized enterprises (SMEs) in crucial sectors.
- The bank sees significant potential in Scotland due to its vibrant economy, with Edinburgh being a major financial hub next only to London.
- Nathan Mollett, head of asset finance at UTB, notes that Scotland’s market, despite its economic strength, is underserved in asset finance, providing a ripe opportunity for UTB.
- Key industries such as agriculture, construction, and logistics are highlighted by Mollett as areas with substantial demand for asset finance due to their capital-intensive nature.
- UTB’s strategy includes establishing a local presence to provide tailored asset finance solutions with direct access to decision-makers.
United Trust Bank (UTB) has announced a strategic move to expand its asset finance operations into Scotland, an area identified as having substantial growth opportunities. By appointing a dedicated business development manager, UTB aims to foster strong relationships with brokers, particularly those serving small and medium-sized enterprises (SMEs) within the region. This strategic appointment underscores UTB’s commitment to leveraging the region’s potential growth.
Nathan Mollett, UTB’s head of asset finance, remarks on the unique economic landscape of Scotland. With Edinburgh recognised as the UK’s second-largest financial hub, there exists a notable opportunity for expansion. Despite the strong economy, Mollett highlights that the asset finance market in Scotland remains heavily underserved. This observation forms the foundation of UTB’s decision to increase its operational footprint in the region.
Scotland’s economy is characterised by well-established sectors such as agriculture, construction, and logistics. These industries are inherently capital-intensive and require substantial asset finance solutions to maintain and support growth. According to Mollett, these sectors, alongside the vibrant presence of SMEs, offer a significant demand for asset finance products and services.
UTB’s approach is to establish a solid local presence, enabling direct and effective communication with local brokers and clients. This strategy ensures that the bank’s offerings are tailored to meet the specific financial needs of the Scottish market. Mollett emphasises that having ‘boots on the ground’ will facilitate deeper understanding and more robust relationships, leading to effective deployment of flexible asset finance solutions. Furthermore, UTB’s commitment to providing commercial underwriting expertise and direct access to decision-makers is seen as a substantial competitive advantage, helping them to cater effectively to the needs of Scottish businesses.
United Trust Bank’s expansion into Scotland marks a significant step towards addressing the region’s asset finance needs, supported by local expertise and strategic broker partnerships.
