FIMBank plc - India Factoring Licence

On 18 October, FIMBank plc announced that further to its announcements dated 4 November 2009 and 21 May 2010, India Factoring & Finance Solutions Private Limited has been issued with a Certificate of Registration dated 12 October 2010. This certification by the Reserve Bank of India authorises India Factoring to conduct business as a Non-Banking Financial Institution and paves the way for the factoring joint-venture to offer a full range of factoring and trade finance services to the domestic market. Subject to future regulatory approvals, India Factoring also intends to expand into the international factoring market.

India Factoring is a joint-venture between FIMBank plc (49%); Punjab National Bank, India (30%); Banca IFIS, Italy (10%), with the balance of 11% held by an Employee trust and an Indian intermediary, Blend Financial Services Limited.

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