Bibby Financial Services (BFS) has appointed Craig Durnell as managing director for its export finance business.
First joining BFS from RBS in 2014, Durnell has held a number of roles at the independent funder, including head of operations, and most recently, head of South West Business Centre. Prior to joining RBS, he spent more than 23 years with HSBC in a variety of commercial and leadership roles.
Durnell said: “I’m delighted with my new role at BFS and see this as a fantastic opportunity to boost our support for both established exporters and SMEs new to overseas trade.
“While exporting presents fantastic opportunities for businesses to grow, it also brings challenges relating to extended payment terms and complexities surrounding selling goods in overseas territories.
“Our export finance team help businesses to overcome these challenges, providing certainty of payment, upfront payment against overseas invoices and access to a team of export specialists.”
BFS first introduced export finance more than 10 years ago. In 2016, BFS launched Bibby Foreign Exchange, providing integrated currency exchange facilities complementing the international payment collection and multilingual services it offers.
Edward Winteron, UK chief executive at BFS, said: “Craig’s experience, drive and commitment to BFS and our clients during the last three years made him a standout candidate for this role. His high energy and strong motivational skills, along with proven track record in leading and developing people to their full potential, are a huge asset to our business.
“We’re passionate about being a great place to work and promoting from within, and Craig is a fantastic example of this.”
Durnell added: “What we’re seeing from our clients and the wider business community is a desire to explore opportunities outside of the domestic market. This may be due to the weakened pound providing opportunities for better profit margins overseas, or simply that SMEs are simply looking to expand their customer bases to avoid overreliance on a limited number of UK customers. Only time will tell whether June’s General Election outcome and the government’s subsequent negotiations with the EU will impact this trend.
“Whatever the case, we have the expertise and global network to support businesses of all sizes, wherever their ambitions lie.”