Independent motor finance company Southern Finance has been taken over by private banking group Raphaels Bank .

Both operations are subsidiaries of privately owned Lenlyn Group but the move means Southern Finance will now become a division of the independent bank.

Raphaels Bank said the acquisition will enable the motor finance specialist to expand its range of motor trade services whilst capitalising on the enormous consolidation that has occurred in the sector in the last couple of years.

The car finance business will be overseen by Miles Roberts, who will oversee the car finance business.

Commenting on the move, Miles Roberts, CEO of Raphaels Bank, said: The motor finance market has changed radically over the last couple of years with the result that many motor retailers have much less choice when it comes to offering finance to potential customers.

Our goal with the acquisition of Southern Finance, making it a wholly owned subsidiary of the Bank, is to give motor dealers a more flexible choice that is more in tune with their commercial and customer needs.

Mr Roberts will help manage the car finance business which he joined as managing director in 2005. He was appointed chief executive of Raphaels Bank in 2009.