London Forfaiting acquisition

The proposed acquisition of London Forfaiting Company plc (LFC) by FIMBank plc for about £31 million was expected to be formally completed by the end of September, Margrith Lutschg-Emmenegger, FIMBank's executive vice-president said yesterday.

Ms Lutschg-Emmenegger, who was speaking at an information meeting for FIMBank shareholders at the Malta Stock Exchange, was instrumental in negotiating and arranging the acquisition of LFC by FIMBank.

Shareholders were informed that the deal was subject to acceptance by 90 per cent of LFC's shareholders and approval by the Malta Financial Services Authority. Some 40 per cent of the shareholders have already accepted.