Lloyds bank appoints new asset based lending director

Mike Hone has taken up the position after 10 years as area director in the South West and is now part of the bank’s Global Transaction Banking team.

He will manage a team of regional managers looking after businesses with turnovers up to £25 million across Wales and the Borders, including the Hereford, Shrewsbury, Telford and the Worcester areas.

Mike joined Lloyds Banking Group 35 years ago and has since worked in a variety of roles including SME client management and sales.

Specialising in alternative forms of lending, he now hopes to raise the profile of asset based lending to the bank’s current client base, as well as using his external team to support potential new customers that can benefit from this type of funding.

Mike Hone, area director, global transaction banking in Wales and the Borders, Lloyds Bank, said:

“ABL is growing increasingly popular among companies that recognise it is a cost-effective means of releasing cash from balance sheets and managing fluctuating business needs.

“Through the knowledge and experience of our regional managers, we can offer tailored facilities to suit firms’ ambitions including trade finance to support manufacturers, importers and exporters.

“At Lloyds Bank commercial finance, we are committed to delivering working capital solutions that support UK businesses. As one of the largest financial service providers, enhancing our ABL team for Wales and the Borders’ businesses is just one of many ways in which we are helping UK firms prosper on a regional level.”