Hitachi Capital UK has launched a new European subsidiary after significant growth in its vendor solutions arm.
Through its European Vendor Solutions division, it is establishing a new subsidiary in Amsterdam, Netherlands, and also opening a branch in the Republic of Ireland, based in Dublin.
Hitachi Capital European Vendor Solutions provides funding for specialist assets to support a variety of Hitachi and Mitsubishi companies and their distribution networks, together with Hitachi Capital key accounts throughout Europe.
The European Vendor Solutions division has expanded since its launch six years ago from writing £10 million of business across three countries to transacting £242 million in 17 countries last year. It now employs 20 people.
The Amsterdam division is forecasting 17% year-on-year growth in new business volume for 2018/19 and aims to become a European hub for expansion in continental Europe.
Robert Gordon, chief executive officer, Hitachi Capital UK, said: “We have seen 10 years of sustained profit growth domestically and our European Vendor Solutions division has also grown substantially since its inception six years ago.
“The launch of a dedicated subsidiary is the next stage in formalising our footprint in Europe and laying the long-term foundations for further expansion.
“Vendor finance represents 37% of the Dutch leasing market and provides a major opportunity for us to develop our broader vendor business amongst the large contingent of Japanese companies in mainland Europe and establish new business relationships.”
Dilek Mackenzie (pictured), managing director, Hitachi Capital European Vendor Solutions, said: “Creating a subsidiary in the Netherlands establishes a formal European hub and demonstrates our steadfast commitment to pursue local opportunities and support a greater number of vendors closer to each customer’s continental location.
“We see significant potential to grow our business in the Netherlands and to expand from our continental base to other locations. The opening of our branch in the Republic of Ireland coinciding with a buoyant local economy marks the next step in this journey.”
Hitachi Capital European Vendor Solutions has been operating both north and south of the Irish border for three years, and its revenues in the region grew 55% last year.
The vendor solutions division is part of Hitachi Capital (UK), which has assets of £4.8 billion and 1.2 million customers across its five business units, which also include consumer finance, vehicle solutions, business finance and invoice finance.