Bank Of Scotland Pulls Out Of Marine Finance
16 July 2009
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Bank of Scotland, part of the Lloyds Banking Group, has pulled out of marine finance.
The decision to close Bank of Scotland Marine Finance was made after a review last year found that the department was “no longer financially viable or core to the future business strategy”.
Lloyds, 43.4 per cent owned by the government following a bailout last year, has also closed Bank of Scotland’s motor finance division.
Despite the closure of the marine finance department, a Bank of Scotland spokesman toldIBI’s sister title, Motor Boats Monthly, that it would honour all existing marine finance customer contracts.
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