The FIMBank Group has closed the one remaining gap in their global trade finance map by opening a branch of their subsidiary London Forfaiting Company plc (LFC) in Singapore. The Trade Finance Group recently opened this branch and appointed Enrico Canova as general manager.
Mr Canova has a wealth of expertise and knowledge of trade finance and the Asian markets. His trade finance career began in 1989 with Credit Suisse’s Export Finance Division in Zurich. In 1996 he joined WestMerchant Bank’s (WestLB Banking group) forfaiting team in New York and a year later he moved to Singapore and took over responsibility for business in the Asia/Pacific region.
During his eight-years as an executive director, Canova opened several forfaiting desks including those in Hong Kong and Shanghai. He also introduced the forfaiting product in Japan and establishing the first-ever forfaiting desk in Tokyo in 1999.
FIMBank/LFC’s strategy for the Asia/Pacific region reflects the group’s stated mission to become a prime supplier of first-class, comprehensive but tailor-made trade finance solutions. The diversified range of products that clients will enjoy extends from the simple discounting of trade receivables to more complex commodity-related and back-to-back structures.
As a specialised niche player with expertise in certain geographical areas such as Northern Africa and the Middle East, LFC Singapore will cater to banks and medium-sized corporate clients in the region looking for truly individual, value added services.
The People’s Republic of China is steadily becoming one of the true economic powerhouses of the world. It is therefore not surprising that FIMBank/LFC is keen to seize the many opportunities that this vast market offers. Singapore, on the other hand, welcomes this further addition to their trade finance community, consolidating its position as a prime financial centre in Asia.
FIMBank president Margrith Lutschg-Emmenegger said: “The opening of our new branch in Singapore is very much in line with the group’s strategy to increase global reach, diversify markets and income streams. Our direct presence in Asia now closes the gap within our global finance map.”