FIMBank plc - Expansion of International Factoring Business

Monday, October 13th, 2014

On 10 October, FIMBank plc announced that it has entered into a shareholders’ agreement with First Factors S.A., a factoring and leasing company in Chile. By virtue of the agreement, FIMBank, through its wholly owned subsidiary FIM Holdings (Chile) Spa, has acquired 51% of First Factors S.A. for an initial consideration of USD5.79 million. Furthermore, the agreement also stipulates that by virtue of a call option, FIMBank has the right to increase its shareholding to 65% and, if other conditions are met, FIMBank may ultimately acquire the remaining shares held by other shareholders to hold the entire issued share capital of First Factors S.A.

This transaction forms part of the FIMBank Group’s strategy to further develop its international network. In this respect, FIMBank has also recently issued two press releases revealing: (i) the establishment of a branch in Athens (Greece) providing a comprehensive range of trade finance and banking solutions, targeting corporate clients (particularly traders, importers and exporters) and (ii) a Cooperation Agreement with MAS Factoring For Growth S.L. in Spain in order to support the offering of services to exporters from Spain.

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