The Fimbank Group has expanded its worldwide geographical positioning and filled one more gap in its global trade finance portfolio by becoming an authorised firm in Dubai. The Dubai Financial Services Authority (DFSA) has granted Fimbank a licence to operate an as authorized firm in the Dubai International Financial Centre (DIFC).
Fimbank’s strategy for the Mena region reflects the group’s stated mission to become “a prime supplier of first-class, comprehensive but tailor-made trade finance solutions”.
The United Arab Emirates is the gate way between the East and West and its importance to trade has undeniable historic relevance, claims the bank.
The office in the DIFC will enable Fimbank plc to market its products in the United Arab Emirates (UAE) and the neighbouring regions, offering clients advice on the diversified range of products extending from the simple discounting of trade receivables to more complex commodity-related and back-to-back structures.
As a highly specialised niche player with unique expertise in certain geographical areas such as Northern Africa and the Middle East, Fimbank’s Dubai office will cater to banks and corporate clients in the region seeking truly individual, value added services.
Nigel Harris, senior vice-president in charge of the Fimbank representative office in London, will be moving to Dubai where he will take up the position of chief representative for the Fimbank office in the DIFC.