The FIMBank Group expands its worldwide geographical positioning yet again and fills one more gap in its Global Trade Finance map by becoming an authorised firm in Dubai. The Malta-based trade finance bank, is pleased to report that the Dubai Financial Services Authority (DFSA) has granted FIMBank a Licence to operate as an authorised firm in the prestigious Dubai International Financial Centre, DIFC.

In its strive for excellence in its services and diversification of its operations, FIMBank’s strategy for the Middle East and North Africa (MENA) region reflects the group’s stated mission to become a prime supplier of first class, comprehensive but tailor-made trade finance solutions.

The United Arab Emirates is the gateway between the east and west and its importance to trade has undeniable historic relevance.

The Dubai International Financial Centre is a purpose-built financial free zone in the United Arab Emirates. It has been established as part of the goal to position Dubai as a recognised hub for institutional finance, and as the regional gateway for capital and investment in the Middle East.

The DIFC was conceived by the Government of Dubai. It is established by Federal and Dubai Law. Its President is His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister.

FIMBank plc joins some other prominent financial institutions such as ABN Amro, Barclays Bank, Citigroup, Credit Suisse and Deutsche Bank AG to name few.

The office in the DIFC will enable FIMBank plc to market its products in the United Arab Emirates and the neighbouring regions, offering clients advice on the diversified range of products extending from the simple discounting of trade receivables to more complex commodity-related and back-to-back structures.

As a highly specialised niche player with unique expertise in certain geographical areas such as Northern Africa and the Middle East, FIMBank’s Dubai Office will cater for banks and corporate clients in the region seeking truly individual, value added services.

Nigel Harris, senior vice president, in charge of the FIMBank Representative Office in London, will be moving to Dubai where he will take up the position of chief representative for the FIMBank office in the DIFC.

Mr Harris was educated in the UK and began his banking career in 1982 with Lloyds Bank International Ltd in London. He later held management positions within both Fidelity Bank NA and Standard Bank London Ltd, prior to joining FIMBank in 1995. He has over 23 years of UK banking experience in the trade and commodity finance sector and has particular expertise in the specialised area of shipping finance.