FIMBank Group fills gap in Asia. New LFC Branch in Singapore - Press Release

12.10.2005

The FIMBank Group closes the one remaining gap in their Global Trade Finance map by opening a branch of their subsidiary London Forfaiting Company plc (LFC) in Singapore. The Trade Finance Group recently inaugurated the opening of this branch and appointed Mr Enrico Canova as General Manager.

Mr Canova has a great wealth of expertise and knowledge of trade finance and a in-depth understanding of the Asian markets. His Trade Finance career started in 1989 at Credit Suisse’s Export Finance Division in Zurich. In 1996 he joined WestMerchant Bank’s (WestLB Banking group) Forfaiting team in New York and a year later he moved to Singapore and took over the responsibility for business within the Asia/Pacific region. During his 8-year tenure as an Executive Director, Canova opened several Forfaiting desks including the ones in Hong Kong and Shanghai. Mr Canova was also responsible for introducing the forfaiting product in Japan and successfully establishing the first-ever Forfaiting desk in Tokyo back in 1999.

FIMBank/LFC’s strategy for the Asia/Pacific region reflects the group’s stated mission to become a prime supplier of first-class, comprehensive but tailor-made trade finance solutions. The diversified range of products clients will enjoy extends from the simple discounting of trade receivables to more complex commodity-related and back-to-back structures. As a highly specialized niche player with unique expertise in certain geographical areas such as Northern Africa and the Middle East, LFC Singapore will cater to banks and medium-sized corporate clients in the region looking for truly individual, value added services.

Asia is widely viewed as one of the fastest-growing areas in the world with the People’s Republic of China slowly but steadily becoming one of the true economic powerhouses of the world. It is therefore not surprising that FIMBank/LFC is keen to seize on the manifold opportunities that this vast market offers. Singapore, on the other hand, welcomes this further addition to their trade finance community consolidating its position as a prime financial center in Asia.

Margrith Lutschg-Emmenegger, FIMBank’s President stated, “The opening of our new branch in Singapore is very much in line with the Group’s strategy to increase global reach, diversify markets and income streams. Our direct presence in Asia now closes the gap within our global finance map.” 

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