Fimbank has acquired a controlling interest in an established Chilean factoring house, First Factors Servicios Financieros.
First Factors provides its services through six branches located close to the forestry, mining and fishing industries. The company, which was established in 2005, currently has 73 employees.
Group president Margrith Lütschg-Emmenegger said the acquisition of 51 per cent of the participating interests in First Factors was part of the Fimbank Group’s strategy to develop its international network.
Fimbank Group already provides factoring services in South America’s largest economy, Brazil, through its joint venture company Brasil Factors.
“The dynamic expansion of south-south trade in recent years created new trading opportunities in interregional trade, particularly between the Americas and Africa.
“With our two joint ventures in Latin America we are better positioned to benefit from the increase in trade flows,” she said.
First Factors will be rebranded to LATAM Factors in the coming weeks.