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04 Aug 2009
Syscap has replaced former chief financial officer (CFO) Chris Ellis with a finance director from Lloyds’ corporate banking division, Frederick Yue.
Philip White, chief executive officer at Syscap, said Yue had vital experience working for lenders. Lloyds is one of the largest funders of the IT leasing market in which Syscap operates.
“Yue understands the leasing business from both sides of the fence," said White. "The addition to the board of an experienced leasing industry CFO will be hugely beneficial at a time when lenders have tightened their borrowing criteria."
Further reading
According to Syscap, Yue has some 20 years’ experience in leasing.
Yue joined Lloyds in August 2007 as interim finance director, to spearhead a major restructure of the financial control and reporting department. He managed a team of 60 accountancy staff.
Previously, he was European CFO at CIT Europe, which had a lease portfolio worth $1.8bn (£1.1bn), following 14 years at ING Lease UK Group as finance director for farm-related leasing and finance director for £1.9bn lease portfolio at the parent company, ING Lease UK.
Syscap hopes that Yue’s credit and risk management capabilities will help it secure more finance for customers.
Yue said one of his first tasks will be to ensure Syscap has a sound platform to take advantage of the upturn in the market.
“Syscap is an exciting and fast-growing company and I will be looking to use my knowledge of the leasing market from the lender’s perspective to improve access to finance and help drive growth,” Yue said.
Syscap currently claims to be earning £135m a year in revenue and managing £300m of assets across the UK and Europe.
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