FIMBank plc announced on 27 November that MENAFACTORS Limited commenced operations in the Dubai International Financial Centre after being granted a Category 1 licence from the Dubai Financial Services Authority.
MENAFACTORS Limited is equally owned by FIMBank plc and National Bank of Dubai and has an authorised and issued share capital of USD10 million.
MENAFACTORS Limited is authorised to provide credit, arranging credit or deals in investments and advising on financial products or credit. MENAFACTORS will be mainly providing factoring and forfaiting services in the Gulf and MENA regions.
FIMBank’s President Ms Margrith Lutschg-Emmenegger commented: ‘MENAFACTORS will combine FIMBank’s technical expertise with NBD’s in-depth market knowledge to provide an alternative source of additional funds to companies in the region wishing to fund future growth.’