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UGB plan to buy stake is approved

MANAMA: Bahrain-based United Gulf Bank (UGB) has announced regulatory approvals for its plans to acquire an up to 43.7 per cent stake in FIMBank, a specialist trade finance bank headquartered in Malta.

UGB, which is the merchant banking subsidiary of Kuwait's KIPCO Group, said it had received approval from both the Central Bank of Bahrain and the Malta Financial Services Authority.

FIMBank's shareholders also approved the transaction in their annual general assembly held earlier this month.

UGB said its expected investment in FIMBank to reach up to $125 million over a period of time.

FIMBank has made its mark on the international factoring sector by offering a complete portfolio of factoring services.

It has actively pursued a strategy of establishing factoring joint ventures with prominent institutions in selected emerging markets.

It owns the UK-registered London Forfaiting Company, together with factoring joint-ventures in Russia, Romania, Brazil, India, Dubai, Egypt and Lebanon. It is listed on the Maltese stock exchange.



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