New Brazilian Factoring company launched : BRASILFactors, a joint venture of FIMBANK, BICBANCO and IFC.
The Brazilian economy is one of the fastest growing in the world but SMEs in this country generally have limited access to funding and sophisticated trade solutions. BRASILFactors aims to help fill this gap with short-term funding against receivables and solutions such as risk protection and collection services for both domestic and export transactions.
FIMBank President Margrith L?tschg-Emmenegger said that "FIMBank's expansion to Brazil is a significant step in our strategic growth. We expect BRASILFactors to develop rapidly and become a significant player in a market which offers excellent opportunities The news of the Brazilian joint venture agreement follows on FIMBank's official launch of India Factoring, the Bank's factoring joint venture based in India, last January.
The IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Founded in 1938, BICBANCO is one of the oldest private-sector banks in Brazil. Controlled by the Bezerra de Menezes Financial Group since its foundation, it became a nation-wide bank during the 1980s. BICBANCO focuses on credit operations to the middle market segment and is ranked as the fifth largest private capital national bank in the country. FIMBank is a leading provider of trade finance and factoring solutions. Headquartered in Malta, its strategy is to further strengthen its global presence, with a focus on emerging markets, and enhancing the product range on offer, namely trade finance, structured commodity finance, factoring and forfaiting. The Bank has offices in Malta, London and Dubai, and through its wholly-owned subsidiary London Forfaiting Company, is present in a number of important financial centres. FIMBank places a strategic focus on Factoring and Forfaiting business, with factoring joint-venture companies in Egypt, UAE, Lebanon, Russia and India.
Source: IFG