Former HSBC transaction banking head Tim Reid has been appointed director of UK Export Finance’s (UKEF) business group, following the retirement of Gordon Welsh.
The export credit agency says Reid is expected to help deliver its four-year business plan, launched in 2020, which focuses on helping a greater number of UK companies export goods and on financing businesses involved in the global transition to net-zero carbon emissions.
Reid replaces Welsh, who has retired after nearly 25 years at UKEF. Welsh had been appointed head of its business group in 2016, and previously held several other senior roles at the agency, including head of product and business development, and head of aviation.
Reid has held several roles at HSBC across 34 years, including heading its global and commercial banking division in the Middle East and North Africa, as well as its commercial banking business in continental Europe.
His most recent position was as global head of transaction banking, a London-based role, which he held for just under six years.
London-headquartered UKEF says Reid’s appointment begins “an exciting new chapter” for its business group, which is responsible for working with customers to execute transactions stimulating exports.
Louis Taylor, UKEF’s chief executive, says the appointment comes “as we expand our support for UK exporters”, adding that Reid will bring “a unique sense of direction to the role”.
Reid adds: “I am delighted to have started in my new role, supporting deals that will enable businesses to grow and expand internationally.”
UKEF has unveiled several new initiatives in recent years, including a general export facility that helps exporters access finance facilities supporting ongoing activities rather than individual export contracts.
In mid-2021, West Midlands-based technology company Simworx became the first beneficiary of that scheme.
In August last year, the export credit agency issued its first green transition export development guarantee, providing 80% cover for a £430mn loan to engineering and consultancy firm Wood to help it capitalise on clean energy, hydrogen and decarbonisation opportunities.
UKEF has since said it has identified a “huge pipeline” of potential renewable energy deals, though faces ongoing legal action against its decision to support a controversial liquefied natural gas project in Mozambique.
This article first appeared in GTR
