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Bidvest Bank launches finance unit to serve medical profession

By Bidvest Bank
16-07-2013

Bidvest Bank has launched a specialist asset-based finance division with prime focus on the equipment and technology funding needs of medical professionals.

In addition to equipment finance for medical practices, the new division will also offer asset-based finance for commercial property, including the offices, consulting rooms and laboratories of healthcare professionals.

Bidvest Bank has provided asset-based finance for the last six years, but previously these products were offered in tandem with its successful fleet finance and vehicle leasing business.

The launch of a separate division with in-depth focus on the healthcare industry ensures even better service and personal attention for professionals, says Byron Corcoran who heads the new business unit.

“We have a well-established client-base in the medical field and a reputation for providing solutions that are precisely customised to the needs of the healthcare professional,” he notes.

“Specialist medical practitioners come to us knowing we have the ability to finance all their capital expenditure on new medical machinery. We structure financial solutions that enable professionals to access the latest technology without committing upfront capital at levels that impact their cash flow.

“Our track record shows that we operate as funding partners in the quest for sustainable practice growth. The strength of our relationships in this sector explains our decision to make medical machinery finance the key focus area of our new division.”

The bank offers finance for a comprehensive range of equipment, including CT scanners, MRIs, ultrasound equipment, nuclear medicine PET, x-ray equipment, cardio-vascular/cath labs, general medical equipment and accessories.

Growing penetration of the medical equipment segment of the finance market has been a key driver of the bank’s success in the asset-based finance sector in recent years. Over the past six years, the bank has achieved 100-fold growth in annual volumes in the asset-based finance sector.

The bank is committed to synergistic growth of an expanding product range. It adds value by meeting multiple needs via one point of contact.

Corcoran explains: “We’re a specialist bank that combines complementary specialisations into a seamless offering. We are foreign exchange specialists who simultaneously provide specialist expertise in leasing, fleet and equipment finance and commercial property finance.

“We have the ability to provide a medical professional with foreign exchange services ahead of a trip to an international congress while customising a finance package on a practice’s vehicles. Simultaneously, we can deliver a finance solution at highly competitive rates on medical equipment and provide finance for a new building or the expansion of existing premises.

“Our product offering is comprehensive, yet we remain a niche bank and pride ourselves on our ability to deliver personal service underpinned by strong relationships and deep understanding of the medical sector.”

• Bidvest Bank is a wholly owned subsidiary of the JSE-listed Bidvest Group and in recent years has broadened the spread of activities from an initial base in foreign exchange to include deposit accounts, loans and advances, leasing and vehicle finance.