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Wesleyan Bank completes integration of Syscap to extend reach into professions, education and SME markets

Wesleyan Bank expands commercial product range and secures new affinity partnerships.

1 April 2016 - Wesleyan, the specialist mutual financial services provider, today announces that it has completed the integration of leading IT finance provider Syscap as a wholly owned subsidiary of Wesleyan Bank.

The combined division forms a formidable financial services business offering tailored commercial and personal banking solutions to over 22,500 customers under two distinctive brands.

Wesleyan Bank is a subsidiary of Wesleyan Assurance which is part of the Wesleyan Group. Wesleyan acquired Syscap in February 2015 to extend its reach into the professions, SMEs and IT asset markets and grow its long term lending book. Together the Bank and Syscap employ 120 staff from three UK office locations situated in Birmingham, New Malden and Northwich.

From 1 April 2016, existing Syscap customers comprising professions, educational institutes and SME businesses will be directed towards the Wesleyan Bank brand while the Syscap brand will be reserved exclusively for IT vendors, resellers and distributors.

Steve Deutsch, Chief Executive of Wesleyan Bank and Syscap, comments, "The natural synergy between Syscap and the Bank has seen the integration be a great success. We are now well positioned to offer superior levels of service to both SME and professions customers by providing an extended product range which is tailored to both their professional and personal needs.

"This has been reflected in recent endorsements we have secured from leading industry bodies as the finance partner of choice for their members. These partnerships will enable us to offer additional benefits to new and existing customers and build a strong commercial pipeline for the future."

The integration has been instrumental in Wesleyan Bank signing agreements with the Law Society and the Institute of Chartered Accountants of England and Wales (ICAEW) Under the terms and conditions, The Law Society of England and ICAEW have transferred their existing relationship with Syscap to the Wesleyan Bank brand for commercial loan products, whilst the Law Society of Scotland and that of England and Wales have extended its endorsement of the Bank to now cover personal loans.

Additional investment has been made to further expand Wesleyan Bank's capabilities in the digital realm. New self service portals for tax, professional indemnity insurance and practicing certificate funding have been developed for customers that would prefer to transact their business online.

To keep things simple, there will be no change to existing payment agreements for customers who have live lease or loan products with Wesleyan Bank and Syscap.

Steve adds, "As part of one of the UK's strongest financial mutuals with over £6 billion of assets under management, we are well placed to build a growing, successful and sustainable business. This has enabled us to invest in improving our products, people and processes to increase efficiency and our specialist product offering.

"But as ever, we remain committed to providing the same personal service that differentiates us from our competitors. As such we can now offer a bigger team from front line account management through to credit and business administration which have a genuine and focused understanding of our customers' long term needs."

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

Click for more information about the Wesleyan group of companies.

© 2018 Wesleyan Assurance Society