United Trust Bank (UTB) has announced plans to extend its asset finance operations into Scotland, appointing a dedicated business development manager to strengthen its local presence. The move signals a strategic push to tap into the region’s growing demand for asset finance, particularly in sectors like agriculture, construction, and logistics.
Expanding into an Underserved Market
While UTB has maintained strong relationships with a select group of brokers in the Scottish Borders and the North of England, the bank believes there is considerable growth potential across Scotland, which remains an underserved market for asset finance. Nathan Mollett, Head of Asset Finance at UTB, emphasized the opportunity presented by Scotland’s diverse and capital-intensive economy.
“Although Scotland has its own significant economy, with Edinburgh being the UK’s second-largest financial hub after London, the asset finance market here remains underdeveloped,” Mollett commented. “Scotland’s well-established industries—such as agriculture, construction, and logistics—form the backbone of the market. These sectors, combined with a strong presence of SMEs, create substantial demand for asset finance solutions that can support growth and expansion.”
Fostering Local Relationships with Brokers
UTB’s strategy to establish a stronger foothold in Scotland is based on a direct approach to business development. The bank aims to forge closer relationships with brokers serving small and medium-sized enterprises (SMEs) in a wide range of industries. By positioning a dedicated business development manager in Scotland, UTB seeks to enhance its local understanding and provide brokers with flexible asset finance options, backed by commercial underwriting expertise and direct access to decision-makers at the bank.
This localized approach aims to deliver tailored financial solutions to support the capital-intensive needs of Scottish SMEs, helping businesses in key sectors access the financing necessary to grow and remain competitive.
A Promising Opportunity for SMEs
Scotland’s economy, with its strong focus on industries that require significant capital investment, is an attractive market for asset finance solutions. The demand for funding is particularly strong in agriculture, construction, and logistics—sectors that are crucial to the nation’s economic performance. UTB’s new initiative is designed to meet this demand by offering specialized financing options to help businesses in these industries expand their operations, invest in equipment, and enhance their productivity.
In addition to its focus on established industries, UTB’s expansion into Scotland will also aim to foster innovation and new business ventures, supporting Scotland’s evolving economy.
