FIMBank plc – Statement of Opinion from the Board of Directors of FIMBank

FIMBank plc announced that the Board of Directors of the Bank met in London, UK, on December 18, 2013 in order to discuss, inter alia, the joint offer received from United Gulf Bank B.S.C. (“UGB”) and Burgan Bank S.A.K. (“Burgan”), for a Joint Voluntary Bid launched in terms of Chapter 11 of the Listing Rules (the “Bid”), in respect of all the issued shares in FIMBank not already held by UGB and Burgan, with the intention of acquiring a controlling interest in FIMBank. The Board of Directors has evaluated the Bid and the effects of the implementation of the Bid on employment, conditions of employment and the locations of FIMBank’s places of business.

Based on the representations made in the Offer Document and based on the content of the Experts’ Report which forms part of the Offer Document, the Board of Directors of FIMBank is of the opinion that the acquisition of a Controlling Interest in FIMBANK by the Offerors will be beneficial to the Bank and will create a number of opportunities, which are favorable and conducive to the growth of the Bank and the Group as a whole.

To view the official company announcement, click here.