FIMBank, the Malta-based trade finance specialist, has announced its acquisition of a controlling interest in an established Chilean factoring house, First Factors Servicios Financieros, thereby expanding its footprint in South America. First Factors, which specializes in recourse and non-recourse factoring, as well as financial leasing, provides its services through six branches throughout the country, branches which are located close to the forestry, mining and fishing industries. The company, which was established in 2005, currently has 73 employees.

Commenting on FIMBank's latest venture, Group President Margrith Lütschg Emmenegger stated that the intention behind FIMBank's acquisition of 51% of the participating interests in First Factors was part of the FIMBank Group's strategy to develop further its international network and to "further extend our factoring franchise in South America". The FIMBank Group currently provides factoring services in this continent's largest economy, Brazil, through its joint venture company BrasilFactors S.A. Lütschg Emmenegger explained that the decision follows on FIMBank's strategic decision to focus on a strong presence in Latin America "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 JVs in Latin America we are better positioned to benefit from the increase in trade flows."

First Factors CEO Carlos Baudrand stated that First Factors will be rebranded to LATAM Factors in the coming weeks: "This rebranding reflects the wider scope of the company as a result of FIMBank's acquisition. With a strong institutional investor we can now beyond Chile's borders and actively seek factoring business, particularly in countries such as Peru, Colombia, Ecuador and Mexico." For more information about the FIMBank Group please visit www.fimbank.com