Trumpf Financial Services GmbH is unique. It is the first and only bank to specifically serve the production engineering community with the benefit of a profound understanding of the marketplace and its trends.
The bank has been founded by Trumpf, the laser and machine tool manufacturer, and it offers a broad range of financial services both to its customers and employees. Indeed, the move demonstrates the company’s willingness to be innovative in every aspect of its business.
There are several factors that distinguish the Trumpf bank within the market.
“We understand the clients’ business and needs and can see potential behind their investment better than anyone,” explained Hans-Joachim Doerr, Managing Director of the bank. “We can offer greater flexibility than others and, unlike alternative lenders, we only use the machine to guarantee the loan.”
Trumpf’s first in-house leasing company started offering financing for sales in 2001. In the UK Trumpf has been financing sales in partnership with other financial organisations since 2005. With the introduction of the Trumpf bank in 2014, the company can now be the customer’s single point of contact for the machine, its finance, ongoing technical support and, potentially, its ultimate upgrade and re-sale.
It’s a complete turnkey package for the lifetime of the machine that isn’t matched by any other manufacturer, anywhere in the world.
“Finance projects in the UK are now being processed directly by the Trumpf bank in Germany and the customer using a cross-border leasing agreement. Sales tax is therefore charged using the reverse charge mechanism which offers important cash flow advantages”, explained Simon Binns, Finance Director of Trumpf UK.
Trumpf employees can also benefit from the introduction of the new bank as they will be able to take advantage of fixed-deposit and savings accounts which offer attractive investment opportunities beyond the company pension scheme. Initially this is only accessible to Trumpf employees, but later Trumpf customers will have access too.
Although only recently launched in Germany, the interest level amongst customers in the UK is already high. Currently the Luton-based company is processing ten new finance projects with a combined value of 5 million Euros.