FIMBank plc Interim Directors’ Statement

FIMBank p.l.c. issued the following Company Announcement pursuant to Chapter 5 of the Malta Financial Services Authority Listing Rules.

During the third quarter of 2015 FIMBank continued with its consolidation strategy to turnaround the core operating business.

A very prudent and practical risk approach is being adopted by FIMBank to ensure that transactional structuring remains robust and represents the primary comfort over and above the recourse to the borrower’s cash flows.As well, the diversification in funding that is being pursued, is timed well to take advantage of the trends mentioned. A new core factoring strategy has been adopted and is being rolled out across the subsidiaries and JVs to position for stabilisation and growth. FIMBank’s factoring businesses will be managed to a common standard. Sustainable profitability and growth is the intended consequence of this approach now in implementation.

The adopted strategy allows FIMBank to respond with agility to the changes in economic cycles, fiscal & monetary policies in advanced economies, governance environment in sanctioned markets (e.g., Russia) and to the changes in the global banking scene.

The Group reported a positive net income for the third quarter.

As the Group approaches the end of an eventful 2015, the focus is on positioning FIMBank for a solid growth of its core operating businesses across the four lines: Banking (Trade and Commodity Finance and FI), Forfaiting, Factoring and Treasury.

The leadership team at FIMBank has been strengthened by appointing Mr. Murali Subramanian as the new CEO who took charge on the 6th of August, with the then Acting CEO, Mr. Simon Lay appointed as Deputy CEO. In addition, we are pleased to announce the appointment of Mr. Howard Gaunt as FIMBank’s Group Chief Operating Officer, as of 2nd November 2015 – subject to the approval of MFSA. Mr Gaunt, a United States national, currently residing at Block A, Medvista, Flat 20, Off St Mark’s Street, St Julian’s, is a seniorbanker with a proven track record in strategic development and end-to-end management in major and reputable financial institutions.

There is no matter concerning Mr Gaunt that requires disclosure under Listing Rules 5.20.5 to 5.20.9.

To view the official Company Announcement, click here.