FIMBank plc holds 2010 Annual General Meeting

07.05.2010

FIMBank plc, the Malta-based specialist trade finance banking group, held its Annual General Meeting at the Le Meridien Hotel on the 6th May 2010. The shareholders considered and approved all the ordinary and special business presented to the Meeting, including the payment of a scrip dividend. All of the incumbent directors were confirmed in office.

Under the special business, the Meeting approved an extraordinary resolution for the creation of a new Executive Share Option Scheme for the years 2011-2015, as well as Rules to govern the new Scheme.

The Meeting was introduced by the Chairman of the FIMBank Group, Mr. Najeeb Al Saleh. Referring to the Group’s performance for the 2009 financial year, he explained how FIMBank had remained clearly focused on international trade finance and chose to preserve liquidity rather than pursue business which could have improved its revenue now but later presented the Group with inordinate risks . Mr Al Saleh acknowledged the fact that FIMBank has “…once again benefited from operating within the framework of rigorous risk management policies and a well-regulated environment which continued to characterize the Maltese banking system as one of the soundest in the world”. The FIMBank Chairman also referred to ongoing projects and future investment plans of the Group

While stating that the Group is “well-capitalised for its foreseeable development”, Mr. Najeeb Al Saleh went on to explain that “the Board of Directors views its dividend recommendation as a bridge between the past and the future - maintaining rewards to shareholders even in challenging times because there is confidence in the business strategy over the medium to long term.”

When the Meeting proceeded with its agenda, the first item – Approval of 2009 Consolidated Audited Financial Statements – was accompanied by a presentation by FIMBank President Margrith Lütschg-Emmenegger, who went on to highlight the fact that FIMBank was one of the few banks world-wide which maintained its ratings in 2009-2010. Ms Lütschg-Emmenegger stated that the Group was “excellently positioned to benefit from the paramount opportunities emerging as a result of the recovery of economies around the world as well as the improvement of international trade flows”.

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