motor finance at Lloyds Banking Group (LBG), with immediate
effect.
business, of which Sutton is managing director, and Bank of
Scotland’s Dealer Finance unit under the LBG umbrella will create
the UK’s largest point-of-sale motor lender.
The Black Horse and Bank of Scotland Dealer Finance brands will
continue to exist for the moment, “and a decision on changing this
is being looked at part of the integration process,” said a
spokesman.
Sutton commented: “I believe that by bringing together the
UK’s two leading PoS finance businesses we can capitalise on the
strengths of both to provide dealers and manufacturers with the
support they need during these difficult times. There will of
course be some changes but I can assure our dealers that we will
continue to demonstrate our commitment to the industry and to
support them.”
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Sutton paid tribute to the work already carried out by MD of
Bank of Scotland Dealer Finance, George Grant, to “pave the way”
for the merger of the motor lending operations.
Grant will report to Sutton “in the interim as we continue our
internal reorganisation and shape a company that will add even
greater value to our existing relationships,” Sutton added.
He has been MD of Black Horse since June 2008. Immediately prior
to joining the motor finance division, Sutton was responsible for
Lloyds TSB’s expatriate banking business, and he has worked in
banking for over 30 years.
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