UK Export Finance (UKEF), the UK’s key trade finance body, has announced its new CEO. Tim Reid, previously UKEF’s director of business group, has been appointed to the role.
International trade secretary, Kemi Badenoch, said:
“I’m pleased to welcome Tim to his new role as CEO of UKEF. Tim brings a wealth of experience and has a proven track record for helping businesses expand internationally.
“I look forward to working with him to deliver the government’s export strategy – helping businesses to grow, create jobs, and deliver the best of British innovation and quality around the world.”
Marco Forgione, director general of the Institute of Export & International Trade (IOE&IT), said:
“We are delighted to welcome Tim into his new role and look forward to working with him over the coming years and continuing our partnership with UKEF as they provide financial support and training for businesses looking to export.
“Tim’s previous experience in the business and banking sectors means he will bring invaluable perspective to his new position, and we wish him well for the future.”
Reid joined UKEF in April 2022 after a 33-year commercial banking career with HSBC, serving in senior leadership roles in the global, European and Middle East and North Africa sectors.
His experience included insurance, managing risk and global transactions. His final role was global head of transaction banking, in which he helped support the cash flow and day-to-day financial needs of businesses.
In his previous capacity at UKEF, he spoke at COP27 in Egypt of the agency’s role in combatting climate change. A key announcement in the speech was the inclusion of ‘Climate Resilient Debt Clauses’ (CRDC) in the UKEF’s future direct sovereign lending agreements.
In his comments included “encouragement” to other official lenders to “consider including similar provisions in their own lending to countries most vulnerable to climate change”.
In an August interview, he highlighted how export finance could tackle the cash flow problems facing small businesses that want to export their goods, describing SMEs as being “at the heart of economic growth.”
The former commercial banker was also involved in the launch of an export finance project in Morocco, creating investment and trade opportunities for UK and Moroccan companies.
Prior to joining HSBC, he obtained a Master of Arts degree from the University of Cambridge.
Reid succeeds previous CEO, Louis Taylor, who was in office from October 2015 to October 2022. Samir Parkash, UKEF’s chief risk officer, has held the role until now on an interim basis.