FIMBank conference focuses on Trade Finance and Correspondent Banking

03.03.2010

Sliema, 26th February, 2009. FIMBank, the specialised Trade Finance Bank, organised the ‘Trade Finance and Correspondent Banking’ conference between the 24th and the 26th February. The event, which was held in conjunction with the International Finance Corporation (IFC), was aimed at correspondent bank professionals and counter-parties in various emerging markets. Elaborating on the rationale behind this event, FIMBank plc President Margrith Lütschg Emmenegger stated that: “During the past two years, the financial industry landscape has been scarred by one of the most severe financial and economic crisis of our times. This scenario has thrust to greater prominence the concept of so-called ‘sustainable business models’ of banking institutions. In this respect, the anticipated revitalisation of Trade Finance and Services as well as Correspondent Banking, two products which constitute the backbone of FIMBank’s offering, will contribute towards the distribution of the required funds and the flow of goods and commodities in a safe, sound and efficient manner. The objective of this conference was to provide information about and to generate discussion on the benefits of these products.”

The conference was opened by Minister of Finance, Economy and Investment, the Hon. Tonio Fenech. During his speech, Minister Fenech stated that financial services are one of Malta’s major success stories, benefitting, amongst others, from business-friendly and industry-oriented legislation which is constantly being upgraded and enhanced. He stated that Government’s objective, through Vision 2015, was for Financial Services to take its place as a main pillar of Malta’s economy. Highlighting Malta’s role as a gateway to tapping China’s financial markets, Minister Fenech referred to agreements which the Malta Financial Service Authority had finalised with the Chinese authorities.

Other speakers at the conference included FIMBank plc President Margrith Lütschg Emmenegger, MFSA Chairman Prof. Joseph V. Bannister, Finance Malta Chairman Kenneth Farrugia, as well as various officials from the FIMBank Group. The event also benefitted from the input of international speakers such as Andre Soumah, Executive Chairman of the Audit Control & Expertise Global Group, Geoffrey Wynne, a partner at Denton Wilde Sapte LLP and Karim Nasrallah, Managing Director of The Lebanese Credit Insurer s.a.l.

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