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Oct 01, 2007 15:49 EEST
SARAJEVO (Bosnia and Herzegovina), October 1 (SeeNews) – Croatia-based financial group Fima said on Monday it had changed the name of its Bosnian bank, Vaba Banka, to Fima Banka.
“The name change is the result of Fima’s operation on the territory of Bosnia’s [Muslim-Croat] Federation and is in compliance with the strategy to unite all activities under the well-known name of Fima,” the company said in a statement.
The Muslim-Croat Federation is one of the two autonomous parts forming war-divided Bosnia. The other is the Serb Republic.
Fima has been present in the Federation since 1997 when it founded the first brokerage in this part of Bosnia, Fima Int. Sarajevo.
Fima established Vaba Banka in 2006 as part of its expansion plans in the Federation’s banking market.
“It’s Fima’s strategy to apply in Bosnia the modern concept of banking, predominantly in the spheres of banking with individual clients, communal banking and in partnerships with small and medium-sized enterprises,” the company said.
Fima Banka has five outlets in the Federation and employs 81.
Bosnia’s around 30 commercial banks serve a market of approximately 3.8 million people.
Fima group manages assets worth more than 3.0 billion kuna ($588 million/412 million euro). It includes a real estate investment trust, a portfolio management company, a consultancy, banks, a brokerage and factoring and leasing companies.
Fima is active in Croatia, Bosnia, Serbia and Ukraine and has a brokerage office in New York.
(1 euro = 7.2738 Croatian kuna)
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