FIMBANK sponsors Argentina Trade & Export Finance Forum

26.10.2006

FIMBank plc, the Malta based trade finance bank co-sponsored, together with Standard Bank and BBVA, a two-day forum in Buenos Aires organized by Exporta Publishing & Events Ltd. This event gathered senior-level financiers, risk managers, traders and corporates with a particular interest in Argentinean market opportunities.

The topics covered during the conference catered for the interests of the global trade finance, commodity finance, export finance and risk community. Professionals in these fields were given innovative information by prominent international speakers on subjects such as post-crisis environment, ratings perspective, corporate viewpoints, solutions for financing soft commodities, political risks, relationships within Latin America, as well as forfaiting and factoring.

Margrith Lütschg-Emmenegger, President of FIMBank plc, delivered a talk on the advantages of Factoring for the Argentinean Economy. Factoring is an alternate trade financing option constituting discounting and collection of account receivables. It is a form of financing which also offers the exporter credit protection and management of its sale ledger.

FIMBank sees factoring as a specialized service that is complementary to its own trade services and vital to fulfilling the specialized needs of small and medium businesses. In 2004, FIMBank acquired Global Trade Finance (GTF), an international factoring specialist based in India in a joint venture with International Finance Corporation (member of the World Bank), Bank of Maharashtra, and EXIM Bank of India. These acquisition increased the diversification of products and revenue streams for FIMBank.. Factoring activities are being sought in other locations with viable partners. The bank also established Factoring in Malta to cater for the requirements of the local exporting community as well as the Mediterranean region.

FIMBank specialises in the provision of tailor-made trade finance solutions to its customers and has become a truly global organization with a network spanning across five continents.

FIMBank is committed to introducing factoring services in various countries and has a long term plan to promote joint ventures in specific markets. In fact, FIMBank is currently in negotiations with prominent players in Argentina with whom talks are underway for a possible joint venture. Two other projects are currently in advanced stages of implementation, one in Egypt and another entity in Dubai for the MENA region.

FIMBank Group’s strategy for Latin America and the MENA region reflects the group’s stated mission to become a prime supplier of first-class, comprehensive but tailor-made trade finance solutions. Coupled with the expertise of FIMBank in these products, these partnerships should ensure durable success and a promising future that will benefit all parties involved.

 

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