On 3 November FIMBank plc announced that further to a shareholders’ agreement signed on 12 September 2011, it has today disbursed US$4 million in relation to its 40% equity stake in the new factoring joint-venture in BRASILFactors S.A.
BRASILFactors is a joint-venture between FIMBank plc which holds a 40% shareholding, Banco Industrial e Comercial S.A. (BICBANCO) holding another 40% with the balance held by the International Finance Corporation (IFC).
The initial paid-up capital of BRASILFactors is the equivalent of US$10 million which may increase to US$25 million as the business develops over time. The Brazilian joint-venture will mainly offer factoring and forfaiting services to the underserved small and medium sized companies.
BICBANCO, founded in 1938, is one of the oldest and largest private sector banks in Brazil with assets in excess of US$9.9 billion. The bank is controlled by its major shareholder – the Bezerra de Menezes Financial Group.
IFC is a member of the World Bank Group and is one of the shareholders of FIMBank plc as well as a partner with FIMBank in other joint-ventures.