Investec has entered into an Outsource Servicing Agreement (OSA) with Walbrook Asset Finance Limited, the asset finance business of the Bank of London and The Middle East (BLME), to migrate and run the Walbrook portfolio as its Outsourced Service Provider.

The portfolio contains over 5,000 agreements with a capital value exceeding £300 million. The deal teams from Walbrook and Investec have worked tirelessly over the past few months to set up the operational processes and agree the detailed terms of the OSA.

Andy Hart (pictured), Head of Private Companies Group at Investec Bank plc said, “We’re delighted to have entered into an OSA with Walbrook and migrated across the portfolio. As funders consider how they may organise their operations to become more efficient or choose to exit their existing portfolios outside of a traditional sale, we believe that other opportunities will present themselves in the market.

“I’d like to thank all parties involved in completing this project, including our partners Netsol Technologies Europe Ltd (Netsol) for their hard work and perseverance in getting the deal across the line and for their professionalism throughout the process. By entering into this long term OSA, we reaffirm our commitment as a business to the asset finance market and all our partners.”

BLME's CEO Andrew Ball commented, “This was an important strategic decision for BLME, which will help us manage the typical risks which can occur during this type of wind down. Investec owns and manages a significant portfolio of asset finance contracts in excess of £2.5 billion and so they were the logical choice to undertake the management of the Walbrook portfolio.

“This decision allows BLME to focus on its key business areas including Real Estate Finance, Private Wealth Management and the growth of our digital bank, Nomo.”