Multinational company relies on Santander both home and away
“We’re an international company, with manufacturing operations in three countries, so we need a bank that can handle overseas accounts and multiple currencies. We chose Santander because they have these capabilities but also because our Relationship Director got to grips with the group’s overseas structure very quickly. Throughout it all, he showed a real desire to put our needs first and couldn’t have made handling the switchover quicker or easier. Overall, it’s been a pleasure to work with Santander.”
James Trumper, Group Financial Director, Vislink Plc
Vislink is an export-led multinational, with more than 90% of its sales made overseas, manufacturing operations in the US and Norway, and sales offices in Singapore, South Africa and Dubai. It needs a bank that it can trust to handle its international trading arrangements and to advise on overseas expansion. In 2010, Vislink’s financing was due for renewal and it decided to review its banking provider, considering three banks before choosing Santander Corporate Banking. Vislink felt Santander offered competitive pricing, the global reach to support its operations and above all, a strong, consistent working relationship.
Santander rapidly gained an understanding of Vislink’s international structure, working quickly to meet the group’s internal requirements. Vislink wanted to complete its banking switchover within 14 days and Santander achieved this, setting up the multi-currency facilities needed to borrow against the US Dollar and Norwegian Kroner. In addition, Santander offered Vislink a four-year term loan: substantially longer than the three-year maximum offered by competitors. As a result, Vislink’s daily operations are stronger than ever and the group can focus on expansion in Asia, supported by a solid local banking relationship and Santander’s international expertise.
Customer-centred: Santander put Vislink’s needs first, supporting it through the switching process and giving it the facilities it needed quickly
Flexible financing: with a longer loan term offered by Santander, Vislink now has the security to expand in Asia
Rapid response: as a public company, Vislink had to complete the transfer of banking operations within 14 days, which Santander achieved
Relationship-focused: Vislink has the strong banking relationship it needs to focus on overseas acquisitions and future expansion