UK businesses are to receive improved support from HSBC during 2012, according to an announcement by the bank. HSBC has made a commitment to support businesses in international trade and to support creation of jobs and growth with improved lending facilities.
In 2011, Project Merlin, an agreement between the government and the main banks pledged to lend a specified amount to UK businesses within a specified period. According to HSBC the bank met its agreed lending target last year, providing £38.8 billion to UK businesses and over £11.7 billion to SMEs. If demand is strong enough in 2012, HSBC has pledged to increase business lending.
The bank has made further commitments to UK businesses, as it aims to be the main bank for business and international trade. More International Commercial Managers will be recruited to support customers in overseas trade. Finance applications from SMEs will have an 80 percent approval rate under the new commitments made by the bank.
The Head of Commercial Banking UK at HSBC, Jacques-Emmanuel Blanchet said:
“HSBC is committed to supporting UK business. In 2011, the Merlin intentions gave focus to SME lending, and we continued to enhance our support, launching new innovative products and holding hundreds of events across the UK and the world, to encourage UK businesses to share their knowledge and develop long term relationships internationally.”
He further added that SME support will be increased by the bank in 2012, across all areas of the UK and in all business sectors.
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An experienced business and finance writer, sometimes moonlighting as a fiction writer and blogger.