HSBC LAUNCHES FULL ASSET-BASED LENDING PROPOSITION IN THE UK

HSBC LAUNCHES FULL ASSET-BASED LENDING PROPOSITION IN THE UK

HSBC Commercial Bank today announced the launch of a specialist asset-based lending proposition and the creation of a dedicated lending team. The division – led by new appointment Graham Moffitt and supported by Barry Lee and Bruce Richards - will strategically complement HSBC’s corporate business offering in the UK, supporting business customers with a £25m+ turnover, and forms part of the recently restructured HSBC Invoice Finance business.

Structures will always be receivables led, but the introduction of the new team now gives HSBC corporate business customers the opportunity to use asset-based lending to raise finance on the strength of their balance sheets and stock - including machinery and plant, stock and commercial property - to finance transactions, provide working capital and fund business restructuring.

Noel Quinn, HSBC's head of commercial finance for Europe, said: “HSBC’s offering of a full asset-based lending proposition is a natural extension of the extensive lending services already on offer and compliments our successful corporate offering. We are pleased to be able to give our customers access to a full range of options in financing their business.

“HSBC has a strong lending capability and track record of good customer service, which is important to businesses in the current economic climate. This, coupled with our unparalleled international expertise and our strength and success in the UK market, means HSBC’s asset-based lending service can really benefit businesses operating in the UK and those trading internationally.”

A series of new appointments have been made to the asset-based lending team. Graham Moffitt will lead the division as head of asset-based lending and brings with him more
than 20 years of global asset-based lending experience. He was formerly executive director at GE Commercial Finance, working across the UK, Europe and the US. Graham has also worked as managing director of Hilco Receivables Europe and as a senior credit risk manager at Bank of America.

Reporting into Graham are Barry Lee and Bruce Richards, who move across from roles as corporate business development managers at HSBC. Barry has been appointed asset-based lending corporate development manager with responsibility for the North of England and Bruce appointed asset-based lending corporate development manager with responsibility for the South of England.

Barry joined HSBC from a role as regional director for the Midlands at GE Commercial Finance, working there for a decade to provide asset-based financing facilities to businesses in the Midlands. Also joining from GE Commercial Finance, Bruce joins the HSBC team having worked as been a regional manager with responsibility for introducing business in the South of England.

Commenting on the appointments, Noel Quinn said: “These are flagship hires for HSBC and we are delighted to have Graham, Barry and Bruce on board. Having such a strong team in place demonstrates our commitment to offering the best asset-based lending service possible.”

The asset-based lending proposition is part of the newly restructured UK receivables finance business. Under the restructure dedicated teams have also been introduced for corporate and asset-based lending, commercial and smaller businesses led by Kevin Craven, Peter Lowe and Keith Tulley respectively. Steve Box has been appointed managing director of HSBC Invoice Finance (UK), having worked for HSBC for 26 years in managerial and sales roles across corporate and commercial banking.
For more information, businesses can visit www.hsbc.co.uk/invoicefinance

Media enquiries
KATIE DONLAN / ANNA MURRAY
Consolidated
020 7781 2376 / 020 7781 2312
katied@consol.co.uk / annam@consol.co.uk