Cowie commented: “RBS is committed to delivering funding solutions to UK businesses. However in order to do this we need to reflect the increasingly sophisticated financial requirements of our customers where there is often a need for a portfolio of products that mix traditional finance and alternative options.

“Asset finance and invoice finance are both well-established products that provide flexible, cost effective opportunities for UK businesses to realise working capital and enable borrowing for investment. They are popular funding solutions that can be complementary in nature so we believe that it makes sense to bring them closer together to support our customers’ growth ambitions.”

Lombard and Invoice Finance will continue to operate dedicated teams, each focusing on their own area of expertise. However the two businesses will work closely together to deliver tailored programmes that provide appropriate funding solutions to meet the needs of UK businesses.

Ian Cowie’s direct reports will lead the teams on a day-to-day basis. They consist of Steve Bentley, head of invoice finance, sales and client relations; Ian Isaac, head of Lombard sales with responsibility for SMEs and corporate customers, and Jim Higginbotham, head of corporate specialist sales which includes Lombard Technology Services (LTS).

Other staff announcements include the appointment of Duane Snelling as Interim MD, LTS, and Andrew Gadsby as director of finance, customer service and risk, LTS. Trevor Crome will take up the position of head of capital and transaction management Lombard, while Nigel Clibbens, formerly chief operating office at Lombard leaves the business after 24 years’ service to take up another role within the industry.

RBS stressed that it is “fully behind the Lombard brand” and the changes announced today serve to “reinforce Lombard’s ongoing position as a significant player in the asset finance market”.