FIMBank meets stockbrokers, financial intermediaries and small shareholders’ association

10.08.2015

FIMBank plc recently hosted a meeting with licensed stockbrokers and financial intermediaries in order to share information on developments within the Group during the past months, as well as to present and discuss FIMBank’s financial results for the first six months of this year.

During his opening speech, FIMBank Group Chairman Dr John C. Grech, referred to the dynamic process of change and progress within the Group that has characterised these last months. He also took the opportunity to introduce Murali Subramanian as the Group’s new Chief Executive Officer (CEO). Dr Grech stated that Murali Subramanian is a “results-oriented senior banker with a proven track record in developing and executing growth strategies on a global basis”.

FIMBank’s newly appointed CEO, Murali Subramanian, expressed his confidence that FIMBank has “the right credentials, capacity and motivation to produce good results in the future”. He said that he had already had the opportunity to discuss the current restructuring process and the future strategic orientation of the Group with Deputy CEO Simon Lay and other members of the management team, with the aim of “establishing a stable platform from which FIMBank can grow and realise its true potential”.

The Bank’s Chief Financial Officer, Marcel Cassar, then gave an overview of the Bank's financial performance for the six months ended 30 June 2015. During this period, the Group posted an after-tax loss of USD 8.64 million, compared with a profit of USD 1.45 million registered in the same period in 2014. He explained the various events and accounting considerations in arriving at the current performance, making particular reference to the Net Impairment losses, which amounted to USD 8.56 million, mainly representing legacy cases and run-offs from the events of 2014.  He highlighted the fact that prior to impairment losses, marked-to-market adjustments and share of equity results, the Group maintained a stable operating performance, reporting only a minimal drop in net operating results. Group assets/liabilities were also relatively stable compared to last year. Taking the floor, Deputy CEO Simon Lay, who until recently was Acting CEO of the Group, elaborated on the restructuring process that has strengthened FIMBank’s core business model, and its approach to governance, risk structures and internal control.

Giving his concluding address, FIMBank Group Chairman Dr John C. Grech, expressed his gratitude to all shareholders for their show of support to FIMBank through what he referred to as “challenging times”. He stated that he was also encouraged by the support of the Group’s controlling shareholders. In this respect, he referred to the commitment for funding facilities, to the tune of USD 250 million, which FIMBank had received from Burgan Bank.  Dr Grech referred to this as “a significant milestone that will allow us to implement FIMBank’s new business strategy, permit us to reinforce our asset base and target higher income levels”.

The presentations were followed by an informal discussion during which licensed stockbrokers and financial intermediaries had the opportunity to discuss specific aspects of the Bank's financial results with FIMBank officials. At the end of the session, Dr Grech thanked all those present for attending, adding that such initiatives were important “in order to foster open lines of communication with stockbrokers and financial intermediaries”. He also referred to a similar meeting held with the Malta Association of Small Shareholders, emphasising the importance which these shareholders hold for the Group. The FIMBank Chairman also referred to the publishing of a bi-annual newsletter, which acts as a means of communication with all the Group’s shareholders and re-confirmed his commitment to keep an open door to the financial intermediaries and the Malta Association of Small Shareholders. Dr Grech took the opportunity to thank shareholders for their loyalty and support to the Group.

 

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