FIMBank doubles its stake in Lebanese Factoring Joint Venture

09.11.2010

FIMBank has announced that it has increased its investment in its Beirut-based factoring joint venture. In 2008, the Bank had acquired 25 % of LCI Factors S.A.L. Its stake in this company, which has been renamed Levant Factors, has now increased to 50 %.

The Bank’s partner in this joint venture is Lebanese Credit Insurer (LCI), which holds the remaining 50 % of shareholding. LCI, which was recently ranked as one of the fastest growing Lebanese companies by the AllWorld Network, is a joint venture between ATRADIUS PARTICIPATIONS which is part of the ATRADIUS GROUP, the world's second largestcredit insurer, and a group of regional insurance companies and investors.

FIMBank President Margrith Lütschg-Emmenegger stated: “We are very satisfied with the increase in business registered by our Lebanese factoring joint venture and delighted to have been given the opportunity to increase our equity stake to 50 %. A resolution was passed to change the company name to Levant Factors to better reflect the JV’s target markets, namely the Eastern Mediterranean states, which have great potential for our factoring products.”

LCI Managing Director Karim A. Nasrallah was equally satisfied with this development. He explained that LCI is very familiar with the region and has a mission to increase access to trade finance for businesses in Lebanon, while also expanding economic activity in the region. He stated that “In a changing global economic environment business must understand prevailing trends and seriously consider alternative methods of finance such as factoring, particularly if these can protect their financial viability as well as the achievement of their growth objectives.” Mr Nasrallah believes in building a more competitive and dynamic market in Lebanon and explained that Levant Factors will continue to provide innovative trade finance solutions to small and medium sized companies in the region.

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