March 20, 2020 / 10:24 AM / 10 days ago

HSBC announces measures to support British firms trading overseas

LONDON (Reuters) - HSBC (HSBA.L) on Friday announced new measures to support British firms trading internationally, as they cope with plummeting demand amid the coronavirus outbreak.

Europe’s biggest bank said it made 3 billion pounds in credit available to import/export firms, as well as offering

pre-approved 60-day extensions on trade loans for customers with a sound record.

“Our international customers are telling us that they are concerned about short term working capital, ability to forecast their cash position in the short term and access to finance,” said Ian Tandy, head of trade for HSBC UK.

The new measures should help with that, he said.

Reporting By Lawrence White, Editing by Iain Withers

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