Bibby Financial Services (BFS) has appointed Paul Ratcliffe as managing director for its new marine finance business set to launch this year.

With 40 years’ experience in the maritime and asset finance sectors, Ratcliffe (pictured) began his career at BFS’s parent company, Bibby Line Group (Bibby), in 1980 when he joined his first ship, MV Dorsetshire.

After gaining over four-years’ of sea-time, including as Third and Second Officer on a variety of Bibby vessels, Ratcliffe joined Bank of Scotland in 1987. In 2002, he set up the bank’s asset finance marine business, as well as the Small Commercial Vessel division. In 2013 he joined Shawbrook Bank where he set-up its marine finance business.

Derek Ryan, managing director of Bibby Financial Services UK, said: “We’re delighted to welcome Paul back to Bibby to drive forward our marine finance business. Paul’s deep-rooted and extensive knowledge of the marine sector gained over four decades is unrivalled, and we look forward to launching and growing the business with him at the helm.”

Ratcliffe added: “Having spent the first part of my career at Bibby after joining over 40 years ago, this feels like coming home. With global shipping costs high and the move towards decarbonation, businesses in the sector have a series of challenges to overcome. Combining BFS’s financing specialism along with the Group’s shipping heritage will enable us to support those operating within the sector and help them to access the funding they need to grow and thrive.”

To support the development of BFS marine finance, Richard Hargraves, former head of risk at Siemens Financial Services, joins BFS as head of portfolio risk. Experienced shipping sector solicitor advocate, Howard Quinlivan, has been appointed as senior in-house legal counsel.

Ryan added: “A key part of our 4.0 strategy is expanding our product range so we can support a greater number of businesses. BFS marine finance does just this, and complements our existing support across invoice finance, asset finance and FX.

“Paul’s return 40 years after he first joined the Group reflects our ethos of embracing our past to shape our future. Along with the appointments of Howard and Richard, we are now recruiting for other roles within BFS marine finance and look forward to successfully launching the business over the coming months.”