FIMBank’s 25th anniversary is a strong message in itself, says its CEO, Murali Subramanian, who outlines some of the bank’s key milestones.
FIMBank recently hosted its 25-year anniversary event at the Upper Barrakka Saluting Battery in Valletta, Malta, to commemorate this significant milestone. The Prime Minister, Dr Joseph Muscat, together with other prominent figures in the financial services industry, were also invited to this landmark event.
Over the course of the last 25 years, FIMBank has established itself as a leading provider of trade finance, factoring and forfaiting solutions, developing a customer-driven ethos focused on optimising business performance and growth. FIMBank is an award-winning organisation that has won a variety of awards and accolades in various categories over the years.
The FIMBank Group owes its inception to the establishment of First International Merchant Bank Ltd, which commenced its operations in 1994. In 2001 the shares of the bank were listed on the Malta Stock Exchange and four years later, First International Merchant Bank changed its name to FIMBank p.l.c.
In 2003, FIMBank kick-started the expansion of its international network, with the acquisition of London Forfaiting Company Limited, a market leader in forfaiting. The bank’s global footprint was further enhanced by the establishment of the FIMBank DIFC branch in Dubai, and Egypt Factors in Cairo in 2006. This was followed by the acquisition of India Factoring in 2007. In 2011, the Group achieved new heights, with its balance sheet reaching the US$1bn mark.
In 2015, the Group was bolstered by key appointments in its executive management. It was during this time period that the bank adopted a new direction with an enhanced strategy, with a significant focus on risk management, mitigation and control. The Group went on to deliver successful results, registering profits of US$5.3mn in 2016, US$7.7mn in 2017 and US$10.2mn in 2018.
During this period, the Group achieved significant milestones, particularly with the development of its real estate finance proposition, targeting established developers in Malta, and the launch of its fully-fledged digital banking platform, catering for the needs of corporate customers.
The year 2018 was heavily characterised by the bank’s Rights Issue, which specifically brought to the fore the underwritten agreement by FIMBank’s majority shareholder United Gulf Holding, a member of the KIPCO Group. The cash injection of US$105mn allowed the bank to strengthen its capital base and undertake more business.
“FIMBank’s 25th anniversary is a strong message in itself. The bank has developed a reputation for trustworthiness and reliability, as we continue building strong banking relationships with our clients in over 50 countries. It is a significant milestone for FIMBank, a clear indication of the Group’s ability to adapt to changing circumstances. We are pleased to be in a position where we can celebrate our long-term successes, whilst looking forward to the future with optimism, as we continue to build on our solid foundations,” says Murali Subramanian, CEO of the FIMBank Group.