Germany team photo: Bernd Breininger, Andreas Grallert, Michael Vander, Steve Gee, Jens Radunz, Dario Paucar-Bahrs, Christiane Leiter, and David Bunker.
Close Brothers Asset Finance today announced that it is expanding its operations into Germany, where it will offer funding solutions tailored to Germany’s SME market, commonly known as the ‘Mittelstand’.
Businesses set to benefit from the company’s flexible products and services include those in the print and construction industries, as well as industrial equipment and materials handling firms.
The Germany team, which will be headquartered in Mainz, will be led by Managing Director, Michael Vander, and Head of Credit, Risk and Compliance, Bruno Oestreicher. They will join another Close Brothers subsidiary, Close Brothers Factoring, which has been active in the German market since 2003.
Michael is an asset finance specialist with over 20 years’ experience in the industry. His background includes sales and sales management; business development and general management, both nationally and internationally. Since joining Close Brothers Asset Finance GmbH in April 2015, Michael has been responsible for preparing the business’s entry into the German market.
Bruno joined Close Brothers Asset Finance GmbH in early 2016, bringing with him 30 years of international credit experience. His role has focused on advising the business on financial regulation, ensuring Close Brothers Asset Finance GmbH operates within the German finance regulator’s (BaFin) agreed frameworks.
“Following extensive research, we’ve learned that there is clear and strong demand for asset finance products in Germany,” said Michael. “In the UK, Close Brothers Asset Finance has a proven track record of success, having worked in partnership with the UK and Ireland’s SMEs since 1987 to further their growth ambitions.
“Because we understand that no two businesses are the same, our industry specialists work closely with our customers to provide tailored finance solutions that fit the individual requirements of the sectors in which we operate, whether it is a sole trader or a large scale operator.”
In addition to expanding the business, Mr. Vander is also focusing on recruiting further qualified asset finance professionals to drive and develop Close Brothers Asset Finance GmbH’s offering in the German market.
About asset finance
Asset finance is a reliable and sustainable form of financing that enables a business to purchase or refinance capital equipment, spreading the cost over an agreed period of time.
Close Brothers Asset Finance GmbH will support its customers by offering Hire Purchase and Sale and Hire Purchase Back.
- Hire Purchase, which enables the acquisition of an asset while paying for it in instalments
- Refinancing, including Sale and HP Back, which unlocks access to the value of assets on an existing balance sheet, allowing the value to be redeployed elsewhere, for example, to fund a deposit on new equipment or unlock some working capital to support cash flow