Fimbank HQ to move to Exchange

Fimbank plc has announced it will move its global head office to The Exchange, the St Julian's financial and business centre in the Pender Ville development, by the end of 2011.

The bank will occupy 8,000 square metres of office and commercial space and will be the first financial institution to move into the prestigious office block. Fimbank plc president Margrith Lutschg-Emmenegger told The Sunday Times: "Although forming part of The Exchange, the block is independent and we have direct control over all the services within the building, including standby-power generation, air-conditioning and lifts. The office block will be custom-built to specifications that address the real current and anticipated future needs of the organisation.

"Logistics are important - we will be closer to five star hotels and enjoy quick and easy access to Malta's main traffic arteries. Portraying the right image and reflecting the right impression are important. Moreover, we will be enhancing the quality of the working life and the environment for the staff, while offering pleasant facilities for clients."

The bank currently employs 135 people in Malta but the staff complement is expected to exceed 200 by the time the move is complete.

Fimbank has been headquartered in Malta since 1994. "Since its inception, Fimbank aimed to be an international trade finance bank serving mainly international clients but also the Maltese market," Ms Lutschg-Emmenegger explained.

"In addition to the traditional trade finance activities, we developed a wide range of highly specialised products, such as forfaiting, factoring and ship financing. This was coupled with the development of a global network through acquisition and establishment of companies in strategic markets. Both developments are, and will remain, an ongoing process. We are now internationally a significantly recognised institution, still relatively small, but growing.

"Trade is not limited to a single region and, as such, we are active around the globe. Our special focus is on small and medium-sized companies, either selling to or active in emerging markets.

Over the years, we have developed excellent relationships with African countries but we have also been very active and successful in Asia (India) and the Middle East (Dubai)."

The Fimbank Group comprises Fimbank plc, Malta; London Forfaiting Company Ltd, London; and FIM Business Solutions Ltd, Malta.

The banking group has worked on its strategy to establish joint ventures in products in which it can offer value added through its expertise. Fimbank has established factoring joint ventures with reputable partners in Egypt, Dubai and India. It has sold its Indian joint venture "at an excellent and rewarding price". But Ms Lutschg-Emmenegger insists India "remains an excellent market that we are planning to re-enter in the near future".

Despite the current uncertainty in the banking world, Ms Lutschg-Emmenegger is upbeat about the bank's prospects.

"Fimbank registered a significant increase in profit for the half year ended June 30. We are committed to our strategy for accelerating profitable growth through unlocking niche emerging markets and delivering underprovided trade finance products. The momentum is going to continue, and our growth prospects over the long term are very positive.

"The group's strategy is to continue to build a global trade finance platform, focused on introducing trade finance products, mainly factoring and forfaiting, in selected regions and in partnership with local banks. We are also currently looking at potential partners in Latin America."