Bibby Financial Services to launch marine finance business
International SME financier, Bibby Financial Services (BFS) has announced its plan to launch a European Marine Finance business in 2023, as it looks to expand support for SMEs, combining its shipping heritage and financing specialism with its sustainability ambition.
BFS Marine Finance will launch in Q1 2023, building on the business’s invoice finance, asset finance and FX expertise to support the purchase of a variety of marine assets.
Jonathan Andrew, CEO of Bibby Financial Services 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.”
The new business will finance ships and vessels ranging from £1m to £10m in value, including coastal ships, tugs and barges, wind-farm servicing and commuter vessels.
Jonathan Andrew commented: “We’re 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.
“This new business perfectly complements our existing capabilities across invoice finance, asset finance and FX, enabling us to better support SMEs across Europe, boost international trade and increase our contribution to local and national economies.”
BFS supports almost 9,000 SME customers through its operations in Europe and in Asia. It is part of the Bibby Line Group, a diverse, international business, operating in multiple countries, employing around 1,300 colleagues worldwide.
Jonathan Andrew added: “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.”
Bibby Line Group launched its Compass initiative in 2021, as part of the group’s ambition to reach net zero carbon emissions by 2040 – 10 years ahead of the government’s own emissions target.