FIMBank plc completed Rights Issue successfully

14.12.2007

FIMBank plc, the Malta based trade finance bank has successfully completed its rights issue raising USD25 Million and increasing the Bank’s Shareholders’ Equity to over USD90 Million for 2007. The New Ordinary Shares were offered at the ratio of 5 new shares for every 19 existing shares at an offer price of USD1.10 per share.

Margrith Lütschg-Emmenegger, President of FIMBank was pleased with the positive feedback and demand for the shares which is an indication of trust and confidence by the public and shareholders in the Bank. The Directors, who convened in Malta for the last Board Meeting of the year, acknowledged the success of the rights issue attributing it to the diligence of the management and staff of FIMBank.

FIMBank p.l.c. was established in Malta in 1994 and is licensed to carry on the business of banking as a credit institution in terms of the Banking Act. FIMBank is regulated by Malta Financial Services Authority (MFSA) and its shares are listed on the Malta Stock Exchange since June 2001.

Whilst FIMBank is a dollar based bank, its global operations include the European Union market and, as such, is fully prepared to face the challenges with respect to the Euro changeover with regards to payments, reimbursements and funding. 

Since its inception FIMBank has focused mainly on highly specialized trade related business. The bank carries out structured trade financing and is geared toward the more complex trade transactions that require careful structuring and a more personalized service and approach. Its principal activity consists of providing trade-finance services to customers, banks and individuals around the world, with a particular emphasis on the Emerging Markets. The services include barter, counter trade, forfaiting, factoring, traditional documentary credits, short-term credit facilities as well as foreign exchange and deposits in all major currencies.

---