Following FIMBank Group’s annual reception attended by the bank’s customers and dignitaries of Malta, FIMBank held its two days annual offsite meeting at Hilton, Portomaso.

Senior managers were joined by their counterparts from FIMBank’s international units in New York, London, Russia, Turkey and Singapore. The purpose of the offsite meeting was to introduce the new products of the group as well as to update the managers on the group’s strategy for 2006. The chairman, vice chairman, as well as other members of the Board of Directors, attended the meeting together with international consultants.

Margrith Lutschg-Emmenegger, president of FIMBank expressed her satisfaction with the group’s progress. She reviewed the year and was pleased to note that the synergies between the various subsidiaries and affiliates of the group are bearing fruit. The president also highlighted the bank’s expansion and the positive trend of the bank’s share price on Malta Stock Exchange and stressed the importance of maintaining the group’s focus on its core activities.

Other projects to enhance the group’s future development and ensure diversification of its income streams and liquidity generation are underway. These should strengthen the group’s position in its endeavour as a major and global player in trade finance.

FIMBank’s managers enjoyed the meeting, which contributed to team building as well as the exchange of views and ideas on FIMBank’s strategies and future growth. Among the various presentations by the managers and consultants, a delegate from Malta Enterprise gave a presentation, “Malta-An Attractive Business and Investment Location”, on Malta’s strategic presence and economic role in the Mediterranean basin.

FIMBank Group has grown substantially during the past years. The main highlights include the acquisition of London Forfaiting Company; the successful placement of a syndicated loan and the initiation of agreements with International Finance Corporation (IFC-World Bank subsidiary) which consequently led to IFC acquiring a shareholding in FIMBank. In addition, FIMBank succeeded in establishing and initiating joint ventures in factoring together with major financial Institutions and the IFC in India and Egypt.