HSBC has withdrawn from the vehicle finance business after four years of offering the service to its business customers through Lex (now Lex Autolease).

In 2005, HSBC outsourced its vehicle finance business to Lex (part of Halifax at the time) and set up a referral agreement.

Following subsequent mergers and takeovers, Lex now forms part of the Lloyds Banking Group.

As a result HSBC felt the referral agreement was "not meeting the expectations of either Lloyds or HSBC".

Therefore, the banks have now reached a decision to end the referral agreement.

All existing HSBC Vehicle Finance (HVF) customers will be passed over to Lex Autolease
and will shortly receive a letter informing them of the changes.

"They will experience an uninterrupted level of service from Lex Autolease who has successfully managed HVF relationships for the last four years," assured a HSBC spokesman.

Thirty-three people will lose their jobs at HSBC as a result of the decision, with 14 transferring over to Lex Autolease.

"We have told impacted employees and will now be working with them to try to find alternative roles within the HSBC Group," said the spokesman.

"We will also be working with Lex to ensure a smooth transition for them and for any reorganisation of the business that may result."