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October 21, 2022updated 31 Oct 2022 3:09pm

Bibby Financial Services eyes marine industry with new unit

Bibby Financial Services (BFS ), which caters to SMEs, is planning to launch a European marine finance business in the first quarter of 2023.
BFS Marine Finance will fund the purchase of marine assets such as coastal ships, tugs and barges, wind-farm servicing and commuter vessels valued between £1m and £10m.

Bibby Financial Services CEO Jonathan Andrew said: “A key pillar of our BFS 4.0 strategy is expanding our support for SMEs around the world. BFS Marine Finance is a significant development on this journey, enabling us to leverage our shipping heritage as part of the Bibby Line Group, along with our core purpose of helping SMEs to grow and thrive.

“We are hugely proud to be part of a 215-year-old family-owned business. BFS Marine Finance plays to our core strengths as well as our drive to become even more sustainable, as part of our Compass initiative, by supporting the offshore wind energy sector and enabling growth in low emission logistics.”

The new business will be the latest addition to BFS’ existing capabilities across invoice finance, asset finance and FX.

Through its operations in Europe and Asia, BFS claims to support around 9,000 SME clients.

Andrew said: “This is a hugely exciting development, and we are actively recruiting for a variety of specialist roles to be part of the new business, and the wider Bibby Financial Services family.”

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