FIMBank plc appoints First Vice President to Head its Mediterranean Factoring Operations

14.01.2009

João Costa Pereira

As part of enhancing its factoring activities in Malta and the Mediterranean basin, FIMBank plc., the Malta based global trade Finance specialized financial institution appointed Mr. João Costa Pereira as First Vice President and Head of Mediterranean Factoring division of the bank. He will be reporting to the Deputy President and Global Head of Banking of FIMBank, Dr. Armin Eckermann.

João Costa Pereira, a Portuguese national has been active in Banking for the past 17 years, working in Credit Risk and Corporate Banking in Credit Lyonnais. In the last 5 years João focused on factoring as Commercial & Marketing Director for Eurofactor Portugal within Credit Agricole Group.

João, who will be moving to Malta with his wife and daughter, holds a Master Degree in Economics from Universidade Catolica Portuguesa and is a keen sailor and Chairman of the Fiscal Board of the Portuguese Sailing Federation.

Factoring is a service package providing for Debtor Administration including Ledgering and Collection of outstanding balances, Bad Debt Protection as well as Funding. The service will be offered as either a recourse facility (ultimate responsibility that invoices are paid rests with the supplier) or non-recourse facility (the factor covers the risk of insolvency of the buyer). The membership of FIMBank in the Factors Chain International (FCI) the leading factoring association in the world allows access to about 60 foreign countries.

FIMBank’s strategy is to continue its expansion in factoring by establishing further joint venture companies with prominent local institutions in South America, Asia, Eastern Europe and the Middle East in the coming years. Having a strong and viable partner in the region capable of penetrating the market, coupled with the expertise of FIMBank in these products, will ensure durable success and a promising future that will benefit both partners and ultimately their shareholders.

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