Fimbank plc is expanding its factoring and forfaiting operations into the Middle East, resulting in some staff movements.
Fimbank’s Andrew Freeman, who has been seconded to LFC in London for a few years as managing director, is moving to Dubai to head up a new company called Menafactors, 100% owned by Fimbank, with a focus on Middle East and North African factoring and forfaiting business. The new office will be located in the Dubai International Financial Centre (DIFC).
Subsequently, Simon Lay will take over as managing director of LFC in London.
Josephine Grima, previously seconded to LFC in London from Fimbank in Malta, is returning to Malta after two years to head up factoring operations being established on the island. This office will serve the local and regional markets and additionally provide back office and administration support to the Dubai office.
Whilst Menafactors will initially be incorporated as a 100% subsidiary of Fimbank, the strategy is to find a local joint venture partner in Dubai in due course to increase local capabilities for sourcing and marketing for factoring and forfaiting operations throughout the GCC/Gulf region.
Meanwhile Fimbank is setting up a branch in the DIFC alongside Menafactors in shared premises. This will be headed up by Nigel Harris, the existing London Fimbank representative.