Steven Metcalf has joined Sovereign Star Trade Finance as business development manager based in the firm’s new Birmingham, UK, office.

Christian Siegl is executive director of Sovereign Star Trade Finance and is based in the London office. Matt Flynn is commercial director of Sovereign Star Trade Finance, based in Calgary.

Metcalf has around 20 years experience in trade and export finance (including forfaiting) as well as credit insurance, having previously worked for Euler Hermes, Bank Austria Creditanstalt and a number of other foreign banks. He also spent a while as business development manager at GTR.

Sovereign Star Trade Finance supports UK exporters by providing medium-term financing to creditworthy foreign buyers of UK manufactured capital goods.

“Sovereign Star fills a recognised gap in the export finance marketplace by supporting export transactions of under £2mn in size without the necessity for letters of credit or bank guarantees,” comments Metcalf. “This programme offers several benefits to both the foreign buyer and to the UK exporter. The foreign buyer is able to obtain attractive direct financing featuring terms of up to five years while the exporter is paid directly by Sovereign Star (usually upon shipment), without recourse. Sovereign Star provides up to 85% financing of the export contract value.”

All Sovereign Star loans are backed by UK export credit agency ECGD as part of a master financing agreement.

The Sovereign Star programme has been modelled on that of its Canadian parent company, Northstar Trade Finance, which has successfully supported over US$500mn in exports from Canada over the last 11 years.

Northstar’s shareholders include Bank of Montreal, HSBC Canada, Royal Bank of Canada and National Bank of Canada. Its head office is in Vancouver.