Investec Bank has strengthened the capabilities of its asset finance and leasing business by acquiring vendor financer, Alliance Equipment Finance.
Investec Australia chief executive David Clarke said the acquisition was a strategic step in growing the business and providing increased scale.
Alliance will strengthen Investec's capabilities and service offerings and broaden its portfolio to 12,000 new customers.
"This acquisition also complements Investec's well-established and successful operations in asset finance across South Africa and the UK, and holds enormous growth opportunities for us," he said.
Head of asset finance and leasing at Investec Australia Matthew Ingram said, "Our clients and partners will now be able to benefit from the enhanced product and service capabilities that come from our strong international balance sheet, competitive pricing, increased flexibility and the combined expertise of the two companies."
Alliance is a specialist provider of vendor equipment finance programs to a broad range of Australian clients.
Servicing intermediaries, the company has built relationships with global manufacturers, including Konica Minolta, GBC/Neopost and Cisco.
Alliance's 48 staff members located Australia-wide will be fully integrated into the Investec Australia team within the next couple of months.
