On 19 October, FIMBank plc published an Interim Directors’ Statement updating the market on its performance during the third quarter of 2016. During the period under review, the Group maintained the positive trend registered during the first half of the year with regard to its performance and objectives. The Directors noted that cost control measures have shown positive results and the management of risk appetite has led to a very strong and controlled portfolio of assets characterized by a significant quality improvement.
Furthermore, the announcement confirmed that the restructuring process of the existing factoring network is also well underway with FIMBank’s top management now having full control of the respective local business environments, opportunities and risks. In the meantime, the trade finance specialist will continue to reinforce its existing management team with the aim of improving good quality business origination.
Nonetheless, FIMBank still faces difficult market conditions which have definitely not improved if not deteriorated. As such, the Directors have retained a very conservative and prudent business model and approach.