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5 July 2006

Westpac steps up push for trade finance

Today's launch of EFIC Headway by the Export Finance and Insurance Corporation highlights the continued push by Westpac into the trade finance market. EFIC Headway provides exporting companies additional working capital enabling them to expand.

The launch of EFIC Headway follows an alliance formed between EFIC and Westpac 12 months ago to develop a product to meet the needs of SME exporters and support Australian businesses internationally.

The new product allows banks to lend additional funds to qualifying exporting customers with no additional security required from customers. EFIC provides a guarantee, enabling the company's bank to lend up to 20% more.

Speaking at the launch, Westpac Group Executive, Business and Consumer Banking, Mike Pratt said: "Westpac was the first Australian bank to provide international banking solutions and today continues to lead the way with market-leading trade finance solutions that help thousands of Australian businesses trade more efficiently and securely on the global stage.

"We look forward to the continued collaboration between Westpac and EFIC in supporting the small to medium business sector and in particular exporters. EFIC is a valued business partner and we expect EFIC Headway to extend this relationship further," Mr Pratt said.

Westpac's commitment to the export community continues and is demonstrated by:

• Forming an alliance with EFIC to explore the feasibility and ultimately develop the EFIC Headway product which assists Australian businesses with their working capital needs.
• Westpac's on-going support for the Australian Institute of Export which spans over 30 years and includes a strong and growing working relationship with Austrade.