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Europe’s largest Islamic bank acquires SME finance provider

The Bank of London and The Middle East (BLME) has announced it is to acquire Renaissance Asset Finance (RAF), a specialist in providing asset finance to SMEs.

BLME, which is Europe’s largest Sharia’a compliant Islamic bank, has previously provided startup funding totalling £35m to RAF in 2014 and the two firms have worked closely ever since.

RAF was founded by finance expert Hugh Sigrist and specialises in lending to well-established SMEs across Europe.

Michael Williams, Chief Executive Officer at BLME, said: “We are delighted to announce the acquisition of Renaissance Asset Finance which is scheduled to be finalised in early April 2016.

“The acquisition meets BLME’s UK business strategy to invest in our leasing business, and as a means to diversify and grow our client base. Renaissance is a strong cultural match for BLME and we look forward to working with a company that shares our values and customer-focussed approach.”

As part of the deal, the London-based asset provider will continue to trade as a separate legal entity under its own brand name, with its current managerial team still in place.

Hugh Sigrist, Managing Director of Renaissance Asset Finance, added: “From the outset, Renaissance and BLME have shared a like-minded, relationship focused, commercial and entrepreneurial approach.

“This acquisition gives us a good platform for future growth, with BLME’s large net asset base, diverse financing portfolio and unrivalled expertise within the UK mid-market.”

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