Northern Bank is the first local bank in Northern Ireland to sign up to deliver UK Export Finance’s bond support scheme.
Northern Bank’s head of trade finance Ruth Graham said: “We are increasingly seeing customers - particularly in construction and related sectors - seeking out new export markets in efforts to maintain and grow their business amid ongoing challenging economic times. With this comes increasing customer demand for trade finance-related bond and guarantee products to support their export activity, often required by buyers in foreign jurisdictions before signing a contract.
“UK Export Finance’s bond support scheme effectively shares the risk between the bank and the UK Government, so we can provide greater levels of export support to both new and existing customers.”
Northern Bank’s senior corporate banking manager said: “Export has been identified as one of the essential components of sustainable economic recovery and long-term growth, and Northern Bank is strongly committed to supporting this strategy by making it more straightforward for aspiring and experienced exporters achieve their full potential in the coming months and years.
“Our partnership with UK Export Finance is just one example of this commitment and we look forward to welcoming more exporting customers in the near future as we continue to open doors to new markets for businesses in Northern Ireland.”
UK Export Finance chief executive Patrick Crawford welcomed Northern Bank’s participation in the scheme. He said: “This is good news for exporters in Northern Ireland. Northern Bank’s support for the Scheme is a clear demonstration of its appetite for export business and its strong commitment to supporting exporters in Northern Ireland.”