FIMBank reveals global plans for trade

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05 November 2009

Punjab National Bank has partnered with FIMBank this week for a new joint venture in India - the first step of a much wider global expansion by the specialist trade finance bank.

Punjab National Bank (PNB) has partnered with FIMBank, Banca IFIS, Italy and Blend Financial Services to establish a joint venture firm specialising in factoring, forfaiting and trade finance.

PNB, India’s third largest bank, announced the news earlier this week. Under the agreement FIMBank will offer $5 million for a 49% stake in the new company, PNB will own 30%, Banca IFIS 10% and other investors will own the remaining 11%.

The move is just the first of a swathe of similar joint ventures planned by FIMBank as it expands its global footprint.

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