Fimbank plc, the Maltese-based trade finance bank, has successfully concluded its second syndicated term loan facility agreement for a one-year US$60mn loan with Standard Bank plc and San Paolo IMI as mandated lead arrangers.

Proceeds will be used to support the Fimbank Group’s global trade finance activities.

After the success of last June’s US$30mn syndicated loan agreement, 100% oversubscribed from an initial launch amount of US$15mn, Fimbank approached the Euroloan market for the second time.
Standard and San Paolo IMI, recognising Fimbank’s rising profile in international markets, took on again the role of MLAs and signed up prominent international banks to the facility.

The syndicate consists of an aggregate of 28 lenders from 22 countries and underlines the wide geographical range of institutions that are willing to provide funding to Malta’s Fimbank. The transaction was vastly oversubscribed and reached US$76.5mn from an initial launch amount of US$50mn.

Fimbank resolved however to scale down the facility to a final take of US$60mn.

Nassif Chehab, head of financial institutions, responsible for coordinating the syndication at Fimbank, states that this success and the prominent list of participants is a further proof that Fimbank has gained recognition from other international financial institutions. The fact that the syndication oversubscribed is a testimony of the bank’s credentials and its ability to access global markets, he says.

Margrith Lutschg-Emmenegger, president of Fimbank states that this is a further milestone in the development of the bank and the results of the syndication are a manifestation of the confidence that the international banking community has vested in Fimbank and Malta.