Bibby Financial Services Finds A Buyer

Bibby Financial Services, an Australian and New Zealand trade finance platform, has found a buyer.

Reports on Wednesday (Jan. 13) said the Australia- and New Zealand-based operations of Bibby Financial Services will be acquired by Scottish Pacific, another trade finance firm in the region, a purchase that the buyer’s CEO, Peter Langham, said will look to shake up the small and medium-sized finance sector.

[bctt tweet=”Bibby Financial Services will be acquired by Scottish Pacific.”]

“With the acquisition, Scottish Pacific clients will be able to access a broader range of funding and business solutions, all without having to mortgage the family home,” Langham said in a statement. “Our expanded team looks forward to working with the SME sector to support their growth.”

The executive went on to decry the existing lack of choice for small business owners in need of financing. He referenced the Scottish Pacific SME Growth Index, which revealed that SMEs are often unaware of their other funding options when banks turn them down.

A lack of bank lending means these business owners are seeking funding through their friends and family, Langham said.

Only weeks ago, Bibby Financial Services announced a partnership with Dominion Capital Management Corporation, part of the company’s strategy of boosting finance for government suppliers.

In an interview with PYMNTS, Bibby Financial Services CEO of the Americas Leigh Lones explained that government agencies can play a major role in supporting local SME growth.

“I think there is an interest, on their part, to support small businesses,” she explained of government bodies looking to do business with a small supplier. “They try to fulfill their end of the obligation.”

According to reports, Scottish Pacific is Australia’s only non-bank certified by federal export credit agency Efic.

Reports did not say how much Scottish Pacific agreed to pay for Bibby Financial Services.