Trade finance, correspondent banking discussed at Fimbank conference

Malta-based trade finance bank Fimbank recently held a conference on 'Trade finance and correspondent banking', in conjunction with the International Finance Corporation, for correspondent bank professionals and counter-parties in various emerging markets.

Fimbank plc president Margrith Lütschg Emmenegger explained that the crisis which hit the financial industry has highlighted the concept of 'sustainable business models' of banking institutions.

The anticipated revitalisation of trade finance and services and correspondent banking, two products which constitute the backbone of Fimbank's offering, will contribute to the distribution of the required funds and the flow of goods and commodities in a sound, efficient manner, Ms Lütschg Emmenegger said.

The conference aimed to generate discussion on the benefits of these products.

Opening the conference, Finance Minister Tonio Fenech highlighted financial services as one of Malta's major success stories, benefitting from business-friendly and industry-oriented legislation constantly upgraded and enhanced. Highlighting Ma-lta's role as a gateway to tapping China's financial markets, Mr Fenech referred to agreements which the Malta Financial Services Authority has finalised with the Chinese authorities.

Other speakers included Ms Lütschg Emmenegger, MFSA chairman Joseph Bannister, Finance Malta chairman Kenneth Farrugia, officials from the Fimbank Group, Audit Control and Expertise Global Group executive chairman Andre Soumah, Denton Wilde Sapte LLP partner Geoffrey Wynne, and The Lebanese Credit Insurer s.a.l. managing director Karim Nasrallah.