HSBC and Euler Hermes join forces to support UK exporters

HSBC Commercial Banking and Euler Hermes, the world’s leading credit insurer, have announced that they will begin working together from 1 April 2010 to support HSBC Invoice Finance’s service to UK exporters. (London, 12.04.2010)

This new relationship will see HSBC Invoice Finance customers benefiting from credit protection when trading in up to 214 countries and territories. The partnership brings together the unique knowledge and experience of HSBC with the unrivalled judgement and information sources of Euler Hermes, which will allow UK businesses to feel confident trading in both emerging and developed countries and could improve credit limit appetite in the main markets for UK exports.

Given the depreciation of Sterling and as world trade recovers, companies are looking to boost their exports. Euler Hermes is the right partner to support exporters in this process by giving them the assurance that they are not placing their business at risk; as Euler Hermes pays 3,500 claims every week worldwide, there is a clear-cut case for international traders to ensure they are adequately protected against bad debts.

HSBC Invoice Finance’s service allows UK exporters to check the credit standing of their customers and prospects, and then sell with the security of HSBC’s credit protection. HSBC Invoice Finance also provides finance of trade debts and, when needed, credit control. This allows businesses to be confident and have peace of mind in their exporting deals.

Steve Box, Managing Director of HSBC Invoice Finance (UK) Ltd said: “By cementing our relationship with Euler Hermes, we are able to provide businesses with an ideal platform to be more aggressive in overseas markets, secure in the knowledge that HSBC is carrying the risk and providing all the other support that they need, such as working capital finance. Euler Hermes’s information sources and judgement will complement our own resources to give exporting customers better access to protection on exports enabling them to convert opportunity to sales and profits.”

Fabrice Desnos CEO of Euler Hermes UK said: “This partnership is supported by Euler Hermes World Agency, which is specifically designed to address the needs of multinational companies. Euler Hermes has a strong presence in over 50 countries where our teams of experienced credit experts are actively analysing and monitoring companies’ financial health on behalf of its clients. HSBC Invoice Finance customers will benefit from the protection we provide based on the information we hold on over 40 million companies worldwide, enabling them to drive their exports sales with increased confidence.”

To find out more about HSBC Commercial Banking please visit www.eulerhermes.co.uk and www.hsbc.co.uk



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