Shawbrook Bank has acquired Singers Asset Finance.

The move is designed to help Shawbrook expand its secured lending offer to small and medium size enterprises (SMEs).

Singers Asset Finance provides hire purchase and leasing to UK SMEs and the healthcare sector. It will retain its name and brand as part of the acquisition, which took place on 22 March.

Shawbrook will continue to distribute all its lending products through intermediaries, while Singers distributes its lending products through brokers and via its own teams.

Stephen Johnson, new business director at Shawbrook Bank, said: :The acquisition of Singers is a really exciting step in Shawbrook’s evolution. It means we can offer a wider range of asset-based lending to credit-worthy SMEs looking for a bank that can act quickly and efficiently when a loan is needed.

“Brokers and intermediaries will continue to be a lynchpin in Shawbrook’s business