Malta

FIMBank appoints Thomas Degen

Through a EUR50 million trade fund, launched by HSBC, companies will be eligible for a discount in pricing if they switch from a traditional overdraft to invoice finance and export loans.

FIMBank, the Malta-based trade finance specialist, has signed a documentary credit insurance policy with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to cover their Letter of Credit confirmation transactions in several ICIEC member countries, in addition to covering Letters of Credit of export of strategic goods to ICIEC member countries.

First-stage acquisition of FIMBank shares completed as Bank receives first tranche of USD 60 million convertible loan.

United Gulf Bank B.S.C. (UGB), the merchant banking subsidiary of the KIPCO Group, has received regulatory approval from the Central Bank of Bahrain and the Malta Financial Services Authority to acquire up to a 43.7 per cent stake in FIMBank p.l.c.

Michael Marnell has joined FIMBank plc as Senior Vice President, Head of Structured Commodity Finance.

The University of Malta, the International Factors Group and FIM Bank have jointly developed the International Trade Finance course.

The following is a Company Announcement by FIMBank p.l.c. (or the Bank ) pursuant to the Malta Financial Services Authority Listing Rules and the Prevention of Financial Markets Abuse Act and Regulations:

Kuwait's Burgan Bank, which recently bought the Turkish arm of EFG Eurobank, is planning to buy a quarter stake in Malta-based trade finance specialist Fimbank, according to a recent statement Burgan statement.

FimBank plc, the Malta-based trade finance specialist, has been awarded the STP Excellence Award by Deutsche Bank for the fifth year in succession.