Fitch affirms long-term rating for FimBank

Fitch Rating Agency has affirmed its long-term rating for FimBank plc at BB and short-term rating at B with Stable Outlook.

FimBank's management welcomed this affirmation as a further proof of the bank's solid performance and resilience to the current economic downturn.

In 2008, Fitch downgraded a significant number of banking institutions in major financial markets due to the effects of the sub prime, credit crunch and other relevant reasons.

Fitch Rating Agency's rating of FimBank (FIM) is affirmed because among other criteria, it "reflects its good management, acceptable asset quality, resilient core profitability and adequate capital ratios.

"They also factor in FIM's small size, its exposure to counterparties in emerging and developing countries, concentrations in the loan portfolio and the funding base", Fitch's January report said.

FIM is a niche bank specialised in short- and medium-term trade finance and correspondent banking.

It develops for its clients tailor-made financing products. In addition, FIM arranges or participates in syndicated short-term loans in connection with trade transactions and develops special skills in the pre-demolition ship finance business.

FIM's franchise is geared towards the corporate sector (mainly trading companies) and financial institutions, although the bank has been able to attract individuals through credit card and deposit account services, largely from existing clients in relation to the bank's pre-demolition ship finance business.

To obtain the full report on Fitch rating of FimBank, one may contact FIMBank plc on 2132 2100.