Malta-based FIMBank, a bank which specialises in trade finance and forfeiting, has reported a loss of US$45.23 million last year, compared ta loss of $4.22 million in 2013.

It said a number of factors had contributed to making 2014 one of the most difficult in its existence. Among them was prolonged geo-political tensions in eastern Europe and instability in the Middle East ad North Africa.

Falling commodity prices, particularly in food, metals and oil, negatively impacted the exports and revenues of commodity exporters and ultimately caused a worsening in terms of trade. This made conditions for trade finance difficult and the environment for international trade weak.

The directors are not recommending a dividend but a 1 for 10 bonus issue of ordinary shares by way of capitalisation of the Share Premium Account.

The directors have also approved decisions which include consolidation of the group's footprint and discontinuation of investments such as the one in FactorRus (Russia) which will no longer form part of the group's investment strategy.

The board said it had received assurance from the bank's majority shareholders of their continued support towards the FIMBank group.