Following the Board of Directors’ resolutions and the agreements entered into with the other participants in the initiative, in February 2010 Banca IFIS purchased a 10% stake in the share capital of a new company, India Factoring and Finance Solutions Private Limited, based in Mumbai, India.

In November 2010, following the authorisation issued by the Royal Bank of India to India Factoring Private Limited to operate as a non-banking institution, Banca IFIS subscribed a second share capital tranche, as provided for by the share subscription agreement. Banca IFIS’s investment in the share capital after the aforementioned new subscription was unchanged at 10%. In total 100 million rupees were paid for a total of 1,591 thousand Euro.

The financial profile of the investment seems to be supported by good prospects of increasing shareholder value in parallel with the development of the company’s business, which has been incorporated primarily to offer factoring, forfaiting and other trade finance products, especially in the SME sector.