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Aerospace, Defence & Security

The Aerospace Defence & Security sector is vital to the UK economy and is a major driver of growth and prosperity. A summary of the bank offerings for this sector are listed below, including key bank policies, products, services and sector leads. In addition a list of banks providing support to Aerospace Defence & Security businesses exporting overseas is given alongside an understanding of the key factors banks assess when undertaking business with Aerospace Defence & Security businesses.

Banks in the UK that can help with your business bank account needs:

Banks in the UK that can help with your general credit/finance needs:

Banks in the UK who can help you with your exporting needs:

Government schemes that will help with your exporting needs can be found here

Considerations banks take into account when dealing with the Aerospace, Defence & Security sector given the nature of the types of products the industry manufactures:

As you would expect, of the Banks operating in the defence sector none deal with certain banned armaments such as chemical weapons, cluster bombs, or weapons of mass destruction, but there is no blanket wide industry ban on banking defence companies, rather a case by case assessment is made. As part of this assessment, banks will take into consideration the type of defence goods the business manufactures, their final use, the size and tenor of the transaction, the countries exporting to and the nature of the existing relationship (if any).

Each bank will also abide by the governmental and regulatory requirements when considering the requests of a business. They will have to satisfy themselves that a business meets Know Your Customer, Anti Money Laundering, and Sanctions requirements (from not only a UK perspective but also an international one) as well as assess the transaction against the bank’s own credit, country and reputational risk policies. For certain transactions this will also take account of the Equator Principles which many subscribe to.

Banks do have differing appetite as regards country and credit risk when assessing an export transaction. Many banks have exclusions on certain countries where either the bank does not itself operate, or it does not have alternate/ correspondent banking relationships. Therefore the country risk appetite of a bank can determine the ability to support an export transaction, rather than the circumstances of the potential exporter, or its sector.

Banks have specific policies when dealing with clients in this sector:

Information to help with opening and running your business bank account can be accessed here