Issue link: https://maltatoday.uberflip.com/i/556862
Events 45 maltatoday, Sunday, 16 auguSt 2015 FIMBank meets stockbrokers, financial intermediaries and small shareholders' association FIMBank plc recently hosted a meeting with licensed stockbro- kers and financial intermediaries in order to share information on developments within the Group during the past months, as well as to present and discuss FIM- Bank's financial results for the first six months of this year. During his opening speech, FIMBank Group Chairman John C. Grech, referred to the dynamic process of change and progress within the Group that has char- acterised these last months. He also took the opportunity to in- troduce Murali Subramanian as the Group's new Chief Executive Officer (CEO). Grech stated that Murali Subramanian is a "re- sults-oriented senior banker with a proven track record in develop- ing and executing growth strate- gies on a global basis". FIMBank's newly appointed CEO, Murali Subramanian, ex- pressed his confidence that FIM- Bank has "the right credentials, capacity and motivation to pro- duce good results in the future". He said that he had already had the opportunity to discuss the current restructuring process and the future strategic orienta- tion of the Group with Deputy CEO Simon Lay and other mem- bers of the management team, with the aim of "establishing a stable platform from which FIM- Bank can grow and realise its true potential". The Bank's Chief Financial Of- ficer, Marcel Cassar, then gave an overview of the Bank's financial performance for the six months ended 30 June 2015. During this period, the Group posted an after-tax loss of USD 8.64 mil- lion, compared with a profit of USD 1.45 million registered in the same period in 2014. He ex- plained the various events and accounting considerations in arriving at the current perform- ance, making particular refer- ence to the net Impairment losses, which amounted to USD 8.56 million, mainly representing legacy cases and run-offs from the events of 2014. He highlight- ed the fact that prior to impair- ment losses, marked- to-market adjustments and share of equity results, the Group maintained a stable operating performance, reporting only a minimal drop in net operating results. Group as- sets/liabilities were also relatively stable compared to last year. Taking the floor, Deputy CEO Simon Lay, who until recently was acting CEO of the Group, elaborated on the restructuring process that has strengthened FIMBank's core business model, and its approach to governance, risk structures and internal con- trol. Giving his concluding address, FIMBank Group Chairman John C. Grech, expressed his gratitude to all shareholders for their show of support to FIMBank through what he referred to as "chal- lenging times". He stated that he was also encouraged by the sup- port of the Group's controlling shareholders. In this respect, he referred to the commitment for funding facilities, to the tune of $250 million, which FIMBank had received from Burgan Bank. Grech referred to this as "a sig- nificant milestone that will allow us to implement FIMBank's new business strategy, permit us to re- inforce our asset base and target higher income levels". Exciting new on-pack promotion from Cisk Lager Beer an innovative and exciting on-pack promotion has just been launched on the market CISk have teamed up together with Papaya Electronic Money to bring you 50 Cisk branded prepaid cards, each worth €500, which can be used at over 60 outlets located at The Point Shopping Mall, Tigne, and are waiting to be won by lucky Cisk consumers. Four cards are up for grabs every week until Friday, 23 October 2015. all participants need to do is purchase a Cisk Lager promotional 8-pack, log onto cisk. com/cisktime and enter the pro- motion code found under the red tab on each can in the pack. karl Bondin, Brand Manager – Beers at Simonds Farsons Cisk plc said, "The idea behind this promo- tion was inspired by the history of the Cisk brand. The nickname ic-Cisk was given to the Marquis Scicluna himself following the in- troduction of cheques in Malta by his bank in 1840. at the time, the Maltese mispronounced the word cheques changing it to "Cisk", and unknowingly gave the name to one of the most iconic Maltese brands." "as Marquis Scicluna introduced cheques in the past, we feel that we are keeping the tradition alive by introducing the Cisk prepaid card for this innovative promotion. The association with MasterCard is unique and prestigious and we are extremely proud to be able to col- laborate with such a global brand," he continued. Every week, four codes will be se- lected at random and participants with the winning codes will be contacted and asked a skill ques- tion. If the question is answered correctly the participant wins a Cisk and MasterCard co-branded prepaid card, in association with the local issuing company Papa- ya, worth €500 to be spent at any shop found at The Point Shopping Mall. The Cisk card cannot be used to withdraw cash or to pay for pur- chases outside The Point Shop- ping Mall and can only be used in shops, which operate an electronic POS system. For full terms and conditions please see www.cisk. com/cisktime. The cards are valid until 31 December 2015. Banif supports Fondazzjoni Wirt Artna's restoration of Mistra Battery BanIF Bank has supported Fondazzjoni Wirt artna (FWa) through a sponsorship for its long-term management of the 18th Century Mistra Battery in Mellieha. The FWa's aim is to restore this important monu- ment to its one-time glory. The exercise will see its origi- nal extensive stone gun platform re-exposed, the gun merlons re- built, part of the stone parapet wall rebuilt and the rear part of the defensive ditch re-exca- vated. The draw bridge will be re-installed and the interior of the two block-houses will be re- stored and used for a museum display and six replica 18th cen- tury naval guns. There are also plans to install basic water and electrical serv- ices and publish a guide book on the history of the battery and the subject of 18th century Maltese coastal defences. The coastal battery was built by the Order of St John between 1714 and 1716 during the rule of the aragonese Grandmaster Fra Ramon Perrelos. However, the battery entrance is surmounted by the armorial arms of another Grandmaster Fra Manuel Pinto de Fonseca which may indicate that it was either completed or reconstructed at a later stage. This was done at a time of sig- nificant strategic change in the defensive outlook of the Order, during which the defences were expanded from the Grand Har- bour area to the entire island. Mistra Battery was built as part of this major defensive rethink meant to slow down enemy land- ing until the mobile reserves reach the place of landing. On a recent visit to FWa sites by Banif Bank's Executive Com- mittee, CEO Joaquim F. Silva Pinto said, "Being at the heart of several military campaigns, the Maltese people have a history of enduring hardship and over- coming adversity which serves to forge a deep sense of pride in their heritage. "Banif Bank acknowledges this and is committed to supporting FWa's efforts to renovate impor- tant landmarks such as the Mis- tra Battery, which are a physical testament to this legacy." A journey of flavours at Sharma SHaRMa Ethnic Cuisines, now an established and popular res- taurant in Mdina, offers an ec- lectic mix of traditional cuisines from India, north africa and the Mediterranean. Sharma's decor is inspired by the ancient spice-trading route that used to run from India, through the Middle East, and lead to north africa and the Medi- terranean. Interaction between these different cultures over the centuries inf luenced their re- spective cuisines and customs, which have evolved into those we are accustomed to today. Sharma tries to offer something more than just food and drink. The authentic presentation of the various cuisines on offer will stimulate your senses and most of all, your visit will certainly be a memorable experience! Housed in Casa Magazzini, the restaurant also boasts a large terrace on top of the bastions, which is open from early June until late September where you can enjoy a romantic meal in the evening. Take the opportunity to enjoy the beautiful views of the valley between Rabat and Mtar- fa, or just take in the marvelous sunset. Sharma is open for lunch on Sunday from noon till 4.00pm with last kitchen orders at 3.00pm and all week in the eve- nings from 6.30pm onwards with last kitchen orders at 11.00pm. Friday and Saturday nights you can book either for the first seat- ing (6.30pm-7.00pm to be ready by 9.00pm) or for the second seating (from 9.00pm onwards). Booking is advised. Young guests must be 7 years and over. Pets not allowed. Smok- ing is allowed on the terrace and a cigarette vending machine is also available. For birthday or any other occasion guests can bring their own cake or pre-or- der from Sharma at the time of booking. For more information, get in touch by phone on 2145 3817 or 9999 6315, via email at info@sharma.com.mt, or on Fa- cebook. FIMBank chairman John C. Grech (right) addressing the meeting Members of Banif Bank's executive committee visited FWA sites