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Raphaels Bank exits the motor finance sector

Raphael Finance has quit the motor finance and asset finance markets.

It informed brokers and dealers earlier this month that a strategic decision to exit the market had been made by its parent bank, Raphaels Bank, and all new-business lending in motor finance would cease from May 17.

The bank said there would be a 30 day extension for those clients with a 30-day notice period in their terms of business agreement.

In a letter, Carl Virgo, head of lending, thanked partners for their past support and wished their business every possible success.

In 2010 Raphaels Bank acquired motor finance lender Southern Finance, also part of Lenlyn Group, which had been trading since 1957.

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