Timothy joined Lloyds Banking Group in February 2023 to help shape the execution of Lloyds Bank's Invoice Finance & Asset Finance sales strategy, and will lead its UK-wide team as they deliver invoice and asset finance products.

His appointment is significant because he has moved from a challenger bank to a senior role in a UK clearing bank. AFC's AFE50, the UK ranking of firms by portfolio size, shows challenger banks and independents have achieved rapid growth in revenue over the last few years driven in part by additional capital from the British Business Bank, the speed with which these smaller businesses can deploy technology and, in some cases, a strongly entrepreneurial culture.

Big banks may be asking themselves whether they are leaving too much of the recent market growth on the table for their non-bank or smaller specialist bank competitors and what they can do about it.

Recent Asset Finance Connect leaders’ interviews have underlined the views of industry thought leaders:

• Bill Stephenson, chairman of private equity funded PEAC and former CEO of bank-owned DLL told AFC members that he saw an opportunity in transferring from a bank-owned finance company to an independent to gain market share by operating in those areas where the big banks can’t play. He told members he wanted to build the world’s largest independent equipment finance company.
• Carlo Van Kemenade, CEO of DLL by contrast sees an opportunity to build further on the strong innovative culture at DLL and to deploy cutting edge technology to add value to their partners and end-customers.
• Sacha Balachandran from HSBC and Odile de Saivre, CEO of Societe Generale Equipment Finance both also talked about the imperative of developing a strong innovative culture in their organisations, and they talked about the importance of partnerships in delivering comprehensive solutions for their corporate customers and/or their vendor partners.

The sense one gets from Timothy Biddle is that he sees an opportunity to close that window that he was able to leverage working for challenger banks, where he was used to closing a deal before the retail bank had even responded. Expect also some indication that the bank recognises the need to adopt a more innovative approach to risk – perhaps in funding green assets. And expect technology to be a big driver for change – reducing decision times, and enabling the bank to manage its internal and external compliance while being nimble enough to beat its competitors.

Biddle is a charismatic, young leader with a determination to drive change. His interview promises to be very interesting.

Tickets for the event are available until the end of May at a discounted “early bird” rate at the AFC Summer Conference website at https://afcconferenceuk.com/afcuk/en/page/book-now

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