May 20, 2012 12:57 pm
John C. Grech was appointed chairman of the FIMBank Group at the annual general meeting last week.
Dr Grech, a former chairman of Bank of Valletta, succeeds Najeeb Al Saleh who occupied the post since 1997. Margrith Lütschg-Emmenegger has been named vice-chairman.
At the AGM held at the Malta Hilton, Mr Al Saleh outlined the strategy adopted by Fimbank last year, which had remained driven by a steady focus on trade finance, the bank’s core competency.
The strategy had also been influenced by what Mr Saleh described as “a challenging business that took a long time to develop but also one the risks of which we understand and where we have built up expertise and a competitive advantage over the years”.
Fimbank Group ended 2011 with a stronger balance sheet and very healthy capital and liquidity ratios as a result of its ability to adapt and adjust quickly to the prevailing turbulent financial and economic climate.
The group registered a 35 per cent rise in its after tax-profit to reach $9.13 million (€7.14m). Group operating income after net impairments increased from $32.24m to $37.40m (€29.3m) or 16 per cent over the same period in 2010.
Total consolidated assets as at December 31, 2011, exceeded the id=”mce_marker” billion mark, for an increase of 18 per cent over end-2010 figures, a significant milestone for the group.
Shareholders approved resolutions to declare a net dividend of $2,738,034, to be paid by way of scrip as recommended by the board and a 1:25 bonus share issue by capitalisation of the share premium account.
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