Standard Bank and SanPaolo IMI as mandated arrangers have signed banks into a US$30mn syndicated trade finance facility on behalf of Fimbank plc. The transaction which was Fimbank’s first appearance on the Euroloan market was 100% oversubscribed from an initial launch amount of US$15mn.Nassif Chehab, head of financial institutions responsible for coordinating the syndication at Fimbank states that the success of the syndication and the prominent list of participants is a further proof of the bank’s credentials and its ability to access global markets.The syndicate consists of an aggregate of 15 lenders from 12 countries and underlines the wide geographical range of institutions that are willing to provide funding to Malta’s Fimbank.
The transaction is for duration of 12 months and the proceeds will be used to support the bank’s global trade finance activities.
Margrith Lutschg-Emmenegger, president of Fimbank states that this is a further milestone in the development of Fimbank and the oversubscription of the syndication is a manifestation of the confidence that the international banking community has vested in Fimbank and Malta. She emphasises that the bank is undertaking all the necessary steps to achieve its strategic objectives and increase shareholder’s value.