Under the terms of the transaction WLB has acquired origination systems, sales and new business teams and other infrastructure. Financial terms of the transaction have not been disclosed.
Based in Manchester, WLB provides a range of personal and corporate banking services to its customers across the North of England and the Midlands. The bank was recently acquired by RBS Equity Finance which has invested significant additional capital to support the growth of the business. WLB offer a range of deposit products to UK savers, as well as providing secured lending to both consumers and SMEs.
Commenting, Stephen Johnson, new business director of commercial lending at WLB and former sales & marketing director at Commercial First, said: “The new business teams at Commercial First are delighted to be joining WLB, a business with a strong heritage and an exciting future. We are passionate about the intermediary channel and its importance in providing vital capital to SMEs in the UK.
“I would like to think these teams are amongst the most highly regarded in the market and we can’t wait to get back and support the channel we have championed for the last ten years.”
Commercial First will continue to service its existing customers and explore other strategic opportunities with its vastly experienced servicing and property management teams, although it has no immediate plans to return to new lending. WLB will provide term lending to small and medium sized enterprises, and distribute its products through the intermediary market. Formal launch of new lending products will be phased in during 2011. Philip George and David Johnson both join WLB as joint MDs of the commercial lending business.
