“Having a trading style that is short, memorable and engaging will allow us to make a seamless transition as we enter an exciting new era for our business,” said Geoff Maleham, managing director.

“Adopting our new brand name represents our outlook as a forward-thinking business, responding to evolving customer expectations by providing innovative solutions, including credit automation.

“As the fifth largest asset finance provider in the UK, increasing our market share year on year, the Novuna brand provides our business with a clear point of differentiation whilst leveraging the funding capability of our new multi-national parent company.”

The revamped trading name, which is created from the Latin words “novo” meaning “new” and “una” meaning “together”, will be launched by April 2022. At the same time Hitachi Capital (UK) will change its legal name to Mitsubishi HC Capital UK.

Each of the other business divisions within Hitachi Capital UK will also operate under Mitsubishi HC Capital UK PLC’s Novuna trading style, including Novuna Consumer Finance, Novuna Personal Finance, Novuna Vehicle Solutions and Novuna Business Cash Flow (previously Invoice Finance).

The European division will adopt the Mitsubishi HC Capital trading style, as part of its collaboration with the parent company, Mitsubishi HC Capital.

The asset finance provider said backing of Mitsubishi HC Capital provides Novuna with the opportunity to leverage the size, scale and expertise of its new parent company, and the change indicates its evolution from a manufacturing-based heritage to a new global financial operator with the scale and expertise to drive change for business partners and consumers.