FIMBank plc – Interim Directors’ Statement

FIMBank plc announced that after disappointing results in 2014, FIMBank started 2015 with changes in senior management and a revised business strategy which sees a consolidation of previous investments and a closure of certain loss making activities. The Board of Directors (“Board”) supported the new Acting CEO’s turnaround strategy at its meeting of the 10 March 2015, including: 

a) Retaining a focus on global trade finance as a central pillar to the Group’s business model;

b) An emphasis on consolidation, in order to increase profitability from FIMBank’s core activities and a reduced focus on making new acquisitions;

c) Consolidation of the Group’s international factoring businesses, to allocate more resources to those entities capable of generating greater profitability;

d) A selective approach to new business growth and further strengthening of governance and risk structures;

e) Restructuring or discontinuing non-profitable segments and identifying efficiencies to ensure that all resources are productively allocated;

f) Strengthening recovery efforts on impaired exposures Group-wide.

Liquidity and funding have been maintained at very prudent levels during the last few months, but during the next six months we anticipate a growth of new business opportunities. The winding down process to exit from our factoring business in Russia continues and discussions are being held to pursue various options including a sale of this business, although the costs associated with exiting this investment are likely to have some additional impact during 2015.

To view the official company announcement, click here.