FIMBank launches premium Term Deposit Accounts - Press Release

04.10.2005

FIMBank has launched the first series of fixed rate deposit accounts in three major currencies - US Dollars, Euro and Pound Sterling. The Classic Term Deposit Account offers 100% capital security and attractive fixed interest rates.

Christian Trapani, the Product Manager stated ‘This product is ideally suited for those who want to invest capital in US Dollars, Euro and Sterling and obtain more competitive interest rates. The Classic Term Deposit account with a Fixed Rate of return is available for terms of six months and one year respectively and offers customers the assurance that the full principal will be returned at the end of the Term together with the interest accrued. Aimed at the high savings customers, the minimum deposit for these accounts is $100,000.

A second product offered is the Money Market Linked (MML) Term Deposit. With FIMBank MML Term Deposit the term available is one (1) year only. A minimum fixed return on the investment is secured with the possibility of earning more competitive returns during the term, should market rates rise above the established floor rate.

FIMBank also offers Foreign Currency conversions between the Maltese Lira, US Dollar, Euro and Pound Sterling at competitive market rates. Christian Trapani stressed, ‘FIMBank Foreign Currency Exchange Rates are also another selling point to the Term Deposit Products. Exchange rates from Maltese Lira into US Dollars, Euro and Pound Sterling will be specifically dealt for the Term Deposit Products.’     

At the end of the term, in accordance with current tax legislation, Maltese resident investors may opt to be taxed at a 15% final withholding tax on the interest received. Investors who are not subject to tax in Malta, will receive interest gross without deduction of final withholding tax.

FIMBank President Ms Margrith Lutschg-Emmenegger expects the new foreign currency Term Deposit Products to generate a positive response from customers due to their attractive terms. ‘We have the most attractive interest rates for customers willing to invest $100,000 or more. We intend to adopt our highly personalized way of doing business to this segment of the market and assist our customers to pursue their investment objectives by providing simple straight forward financial products.’

All those who would like more information on FIMBank’s premium Fixed Term Deposit Accounts can contact FIMBank on 21322100, Christian Trapani on 23280119, or FreePhone 800 773 110.

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