FIMBank plc - Interim Directors’ Statement

Thursday, June 9th, 2016

On 8 June, FIMBank plc published an Interim Directors’ Statement updating the market on its performance since the start of 2016. FIMBank explained that although listed companies are no longer required to issue interim statements, FIMBank’s Board of Directors has decided to continue communicating with the market via regular company announcements.

FIMBank revealed that, despite the very difficult market conditions and the challenging and competitive environment, it has achieved an improvement in its performance compared to the corresponding period last year. Indeed, FIMBank registered profits in each of the first five months of 2016 as it continued to pursue vigorously the implementation of cost control measures.

Meanwhile, FIMBank also started a process of restructuring its factoring network, which is expected to show positive results in the near future. This also entails the acquisition of full or majority control of entities already forming part of the Group’s network as well as the winding down of companies within the Group which no longer form part of its strategy from a business and geographical perspective.

In conclusion, the Board of Directors expressed their satisfaction to the significant improvements made to the Group’s governance framework, particularly in terms of strengthening its governance procedures and risk management practices.

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