Nick Williams, managing director of Lloyds Banking Group's transport business, is to join the board of the Finance & Leasing Association (FLA).

Lloyds currently funds more than 1.1 million vehicles on UK roads primarily through Blackhorse Finance and Lex Autolease and has set itself a goal of supporting its clients transitioning to electric vehicle use through offering significant funding in a bid to achieve a 50% reduction in emissions by 2030.

Williams, who has spent more than 14 years with the banking group including leading its £3 billion strategic transformation plan, said: “Joining the FLA Board at this time means embracing technological innovation and sustainability in the sector, while navigating a complex regulatory environment, and evolving consumer preferences.

“I’m looking forward to bringing my experience across Lloyds Banking Group Transport businesses – Black Horse, Lex Autolease and Tusker – to drive long-term positive changes in the industry.”

Stephen Haddrill, director general of the FLA, added: “His expertise and insights will be much valued, particularly on the evolving role of technology within the industry.”

In 2022, FLA members provided £148 billion of new finance to UK businesses, households and the public sector, which includes £50 billion of motor finance supporting the purchase of 84% of all private new car registrations.