On 16 June FIMBank plc announced that with effect from 29 May 2008 MENAFACTORS Limited, originally a joint venture between FIMBank plc and National Bank of Dubai, became a fully owned subsidiary of FIMFactors BV.
FIMFactors is the factoring holding company of the FIMBank Group and is fully-owned by FIMBank plc. FIMBank noted that the transfer of the entire shareholding of MENAFACTORS is only of a temporary nature.
MENAFACTORS is authorised and regulated by the Dubai Financial Services Authority to provide credit, arrange credit or deals in investments and advice on financial products or credit as well as forfaiting and factoring and operating from the Dubai International Financial Centre.
In October 2007 National Bank of Dubai merged with Emirates Bank International to form Emirates NBD, the largest banking group in the GCC in terms of total assets.