30 November 2005

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Business Today

FIMBank’s Global Trade Finance holds board meeting in Malta

Global Trade Finance, a joint venture company between Fimbank and other Indian banks held its board meeting for the first time in Malta this month. The meeting coincided with FIMBank’s Board meeting presenting an opportunity for exchanging ideas and developing mutual strategies.
Global Trade Finance (GTF), is a joint venture company between FIMBank p.l.c. as the second largest shareholder at 38.5% after Export-Import Bank of India which has a 40% shareholding. IFC holds 12.5% and Bank of Maharashtra (a leading public sector Bank in India) 9% of the share capital.
GTF is the only provider of both factoring, and forfaiting services in India with its head office in Mumbai and offices in New Delhi, Bangalore, Hyderabad and Chennai. It started operations in October 2001 and is now considered as the market leader in offering export-financing solutions to small and medium sized Indian exporters with a strong focus on products such as factoring and forfaiting. GTF offers services that address the receivable discounting requirements of exporters in India, which also include domestic factoring, reverse factoring and letter of credit discounting. GTF has just introduced import factoring and this is the first time that this product will be available in India to enable Indian importers to do so on open account basis.
During the financial period 2004-05 the Company recorded an excellent all round performance. GTF recorded a total turnover of USD418m, a growth of 136% over the previous year's turnover. Moreover, the net profit of the company was up 340% at USD1.5 million against the previous year's profit.
Arvind Sonmale, managing director and CEO of GTF stated that “During our board meeting in Malta the Board discussed the company’s future growth prospects and identified opportunities for GTF to maintain the current healthy momentum. With the help and support of FIMBank, the technical partner within this joint venture I am sure we will be able to devise a robust strategy in order to accomplish the targets set.”

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