FIM Bank to set up joint venture

FIM Bank is to set up a joint venture with Punjab National Bank, Banca IFIS and Blend Financial Services, to add to its trade finance, forfaiting and factoring market spread. The venture will be called India Factoring and Finance Solutions Private Limited, and will be registered in Mumbai, India.

Punjab is a leader in public banking in India, IFIS specialize in factoring and Blend is a global financial services company. FIM Bank will be the major contributer holding 49 percent of the shares. The project is pending regulatory approval.