Hitachi Capital UK, through its European Vendor Solutions division, created a subsidiary, Hitachi Capital European Vendor Solutions, in Amsterdam and opened a branch office in Dublin, Ireland, following significant growth domestically and in Europe.
Hitachi Capital European Vendor Solutions will provide tailored funding for specialist assets to support a variety of Hitachi and Mitsubishi companies and their distribution networks together with Hitachi Capital and shareholder group key accounts throughout Europe.
Established in 2013, the European Vendor Solutions division has grown from a team of three people, writing £10 million ($13.153 million) worth of business across three countries to more than 20 people, transacting £242 million ($318,313 million) in 17 countries in 2017/18.
The opening of an Amsterdam branch in September 2017, which now employs five staff members, has allowed the European Vendor Solutions division to strengthen its direct presence in Europe and increase cross-border lending capabilities.
The division is forecasting a 17% year-on-year new business volume growth for 2018/19. European Vendor Solutions will become a European hub marking a statement of intent to capitalize on its strong performance and continue to grow a permanent footprint for Hitachi Capital UK in continental Europe.
Robert Gordon, CEO of Hitachi Capital UK, commented, “We’ve seen ten 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, managing director of Hitachi Capital European Vendor Solutions, added, “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. “
Hitachi Capital European Vendor Solutions has been operating both north and south of the Irish border for three years delivering a 55% growth in revenue in NI and ROI over the last year alone. The opening of a dedicated branch office will see Hitachi Capital European Vendor Solutions build upon ROI’s growing economy.
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