FIMBank President retires, acting CEO appointed

FIMBank plc has announced the retirement of the Group’s President, Margrith Lütschg-Emmenegger and the appointment of an acting CEO.

Margrith Lütschg-Emmenegger worked in trade finance for most of her professional life, first with Barclays Bank and subsequently with Midland Bank Aval in London, before joining WestLB AG, which was at the time a market leader in trade finance products, and where she had responsibility for forfaiting and factoring worldwide.

Lütschg-Emmenegger joined FIMBank in 2003 as Executive Vice President responsible for Business Development. She was appointed President on 1 September 2004.

Considered an authority in trade finance, particularly in the fields of factoring and forfaiting, she has written numerous articles on trade finance, including a book on forfaiting. She has also been a regular speaker on the subject for many years, travelling around the world and promoting the benefits of alternative finance.

Lütschg-Emmenegger was awarded the highest decoration of the Republic of Malta, that of the National Order of Merit, in recognition of her ‘exceptional contribution towards the common good of the Maltese and the development of Malta as a financial centre’.

FIMBank chairman John C. Grech said: “Margrith transformed FIMBank from a regional player to a global one. Amongst her many achievements throughout the twelve years of her tenure are the acquisition of London Forfaiting and the creation of FIMBank’s international factoring network. In light of her experience the Board deems it befitting for her to act as a consultant to the Bank.”

Simon Lay has been appointed acting CEO of FIMBank ad interim with effect from 1st January 2015. Lay is currently Managing Director of London Forfaiting Company Ltd (LFC). He is a First Executive Vice President and Member of EXCO at FIMBank and is also FIMBank’s Representative Officer in the United Kingdom.

Lay started his career with the Midland Bank/HSBC Banking Group, where he worked in a number of areas, including International Banking, Corporate Finance, Controller of Lending, Trade Finance and Forfaiting. He joined London Forfaiting Company in 1991 to expand business activities in the Americas, Middle East and Turkey, before being appointed to the Main Board in 1997. Following, an acquisition by FIMBank in 2003, Simon was appointed as Managing Director of LFC with global responsibility for the company’s business, including its overseas branches and subsidiaries.