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Bibby’s global expansion continues

Bibby Financial Services, one of the biggest players in FactoringSelective Factoring and Invoice Discounting is a global finance leader and has just opened up in New Zealand.
John Blackmore the national sales manager, heads up the new Bibby Financial Services New Zealand, based in Auckland.
Bibby New Zealand’s will offer a range of services including factoring and invoice discounting to small and medium size businesses, especially those with a turnover of between half a million and 5 million.

Bibby operates in over 14 countries across the global, has over 5000 clients and approximately factors £5,8bn worth of debt around the world.
Ian Watson, chief executive for the Asia-Pacific area, says: “New Zealand presents
many opportunities within the financial services industry and Bibby Financial
Services has an aggressive growth strategy in place to support the funding
requirements of small and medium sized firms.

“The New Zealand financial
services sector has changed markedly since the onset of the global financial
crisis. The banks still dominate the market, however the important secondary
market has been badly affected with a high number of finance companies facing
their own challenges over the last few years. This has created opportunities for
new financiers to enter the market and offer additional funding sources.”
“A very small percentage of businesses in New Zealand are currently using invoice
finance relative to the Australian and UK markets. We would expect that with the
small and medium-sized business sector leaner and meaner as a result of global
financial challenges and business confidence on the rise as a result of higher
commodity prices, post-earthquake reconstruction and the Rugby World Cup, that
there is potential for the sector to grow with the benefit of access to our
funding streams.”

David Robertson, global chief executive, adds: “The
opening of the New Zealand office is part of Bibby Financial Services’
continuing growth ambitions internationally. It follows on from such milestones
as reaching 5,000 clients globally and experiencing year-on-year growth of 84% with profits rising from £19m in 2009 to a record £34m in 2010.”

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