Prime Minister inaugurates FIMBank’s new head office building

06.09.2013

Mercury Tower, the building which hosts the new Malta head office of global trade finance specialist FIMBank plc, was inaugurated today by Prime Minister Joseph Muscat during a ceremony held to mark the occasion. This state-of-the-art and environmentally-friendly building forms part of The Exchange, the financial and business centre in the heart of St. Julian’s.

Addressing the guests attending the inauguration ceremony, Dr Muscat said, “It is with great pleasure that today I inaugurate FIMBank’s head office in Malta. With its strong international banking network, the bank is today a global player on the world stage, thus I am delighted that such an institution chose our country to service its large network of international offices across the globe. Malta, which has a millennial tradition for trading is a perfect location for a bank which specialises in trade finance. Our banking system stands on solid ground given the sound financial services regulations. My government is committed to ensure the best setting for foreign investors who chose our country as we want Malta to be a key global player in areas such as the financial services sector. The time is right to expand beyond European shores thus FIMBank’s Group strategy falls within my government’s vision for this country”.

In his address, FIMBank Group Chairman Dr John C. Grech traced the 18-year history of the Group, from its “modest beginnings” to its current standing as a global trade finance specialist with a physical presence in eleven financial centres worldwide across five continents. Dr Grech attributed this meteoric rise in the Group’s fortunes primarily to the “sheer vitality and dynamism” demonstrated by FIMBank’s employees, “an effective and balanced mix of mostly young Maltese executives and expatriate bankers led for the last eight years by President Margrith Lütschg-Emmenegger”.

Referring to FIMBank’s new Malta head office, the Chairman stated that Mercury Tower, which currently houses 185 FIMBank employees, many of them Maltese, is a testament to the roots that FIMBank has planted in Malta, “itself a forward looking and reputable financial centre, offering a strategic location at the centre of the Mediterranean, a stable environment, and home to a pool of highly educated and language-skilled bankers and trade finance specialists”.

Looking at the future, the FIMBank Chairman stated that the Group “will continue maintaining efficient support for traditional products, while remaining focused on creating new solutions, ideas and structures, backed by cutting-edge technology”. FIMBank also aims to “continue attracting new reputable partners in the creation of successful international factoring joint ventures, particularly in the emerging markets”.

In her speech, FIMBank President Margrith Lütschg-Emmenegger outlined the profile of Middle-Eastern conglomerate KIPCO Group, which includes Burgan Bank and United Gulf Bank, the two institutions which earlier this year acquired a controlling interest in FIMBank plc. Ms Lütschg-Emmenegger explained that KIPCO has “multi-billion dollars’ worth of assets invested in 55 companies in 24 countries spanning multiple industries, including media, real estate, insurance, industrial concerns, investments and commercial banking”. The FIMBank President referred to the strong presence in the MENA (Middle East North Africa) region of KIPCO’s banking flagship, Burgan Bank. She stated that Burgan Bank “brings unique capabilities and advantages” as well as “undoubted financial strength” to FIMBank, while Burgan’s operations in the MENA region present several cross-selling opportunities among its various entities, including FIMBank.

However, Ms Lütschg-Emmenegger emphasised the fact that the one between Burgan Bank and FIMBank is a two-way partnership, stating that “the FIMBank management and staff’s specific skill set in trade finance, factoring and forfaiting instruments is unique, and I am certain that this will add value to all of KIPCO’s operating subsidiaries, including Burgan”. She also explained that FIMBank complements Burgan’s footprint through its presence in London, India, Egypt, Dubai and Malta, amongst others.

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