Malta-based Trade Finance specialist FIMBank plc recently brought together the CEOs of all its international factoring joint ventures to discuss corporate strategy and opportunities for growth within the context of the current global economic and financial scenario.
The CEOs who met in Malta included those heading joint ventures Egypt Factors, Levant Factors, India Factoring, FactorRus, BrasilFactors, fully-owned subsidiary MENA Factors, ROMFactor, as well as the locally-based Head of FIMBank’s Med Factors Department. The idea behind this meeting was to explore avenues for improving performance and establish effective ways to facilitate the cross-fertilisation of ideas within FIMBank’s global network. The meeting was also an opportunity for Gilbert Coleiro, Managing Director of FIM Business Solutions, to present developments in various technology and Business Process Outsourcing (BSO) services which this Malta based FIMBank subsidiary offers the network.
Commenting on the theme of this first Group Network Meeting, FIMBank President Margrith Lütschg-Emmenegger stated that “the current crisis has brought about more awareness about Factoring and the product’s ability to finance domestic and international trade while mitigating risks. Specialist banks and Factoring houses are taking advantage of this increased interest in Factoring by promoting the importance of this alternative financial solution and its advantages for both domestic and export-oriented businesses.”
She explained that many businesses are starting to factor their invoices to pay bills, take advantage of early payment discounts, increase sales, and last but not least, to fund their business’ growth. “Prior to the crisis, Factoring services, particularly in Europe, tended to be more focused on the finance aspect. The reality is that more customers are now viewing Factoring from a different perspective. They see the service as offering a potential means of managing risks and providing cash management solutions, over and above the funding aspect. This trend is growing, particularly for exports from emerging markets to the more developed ones.”