Bibby in invoice finance partnership moves

10/03/2008

Bibby Financial Services has announced a new partnership with Alliance & Leicester Commercial Bank (ALCB) to offer invoice finance to its business customers.

The Liverpool-based bank said that the partnership demonstrates its commitment to offer a wide range of services to businesses.

Edward Rimmer, chief executive of Bibby Financial Services for UK and Ireland, said: "We are delighted to be involved in this arrangement as ALCB is recognised as a growing force in business banking.

"It is excellent news for us because ALCB has recognised that we deliver the very best levels of service in our industry as demonstrated by our speed, flexibility and personal touch."

Steve Lutty, head of business centres at ALCB, added that the deal would enable it to build its presence in the market while ensuring that business customers have access to a wide range of services.

Meanwhile, the Asset Based Finance Association (ABFA) has suggested that the growth of UK activity in management buyouts has provided the invoice finance sector with a significant boost.

The ABFA said that its members' activity is worth more than £191 billion annually, more than double the amount it was worth at the beginning of the decade.