Investment grade investors to acquire controlling interest in FIMBank

Kuwaiti bank Burgan and Bahrain's United Gulf Bakn have acquired controlling interests in investment bank FIMBank, after two resolutions were approved by a majority of shareholders at an EGM.

FIMBank chairman John C. Grech said that the interest shown in FIMBank by Burgan Bank and United Gulf Bank, both of which form part of the premiere Middle-Eastern investment holding company KIPCO Group, reflectsed "17 years of hard work, effective and innovative decision making, the dynamism and professionalism of the FIMBank's top executives and staff, and above all, the vision of the Al Massaleh family, who set up the bank."

Grech said this move, which has now been endorsed by FIMBank's shareholders, was an important milestone for FIMBank, "not least because it opens up new horizons and will allow us to expand and pursue opportunities which to date were effectively out of our reach."

FIMBank President Margrith Lütschg-Emmenegger said that all indicators were pointing out that it was time for change at FIMBank.

"This is a positive development all round. FIMBank brings trade finance expertise to the table and we are proud that such prestigious institutional investors are keen to add us to their portfolio. In turn, the investor brings a rating well above investment grade, so critical in today's operating environment.

"The synergy will increase FIMBank's investment rate level and as a result of the interest shown by the new investors we have already received loan offers from three different banks with lower interest rates and for a longer term".