said April 5 thatthe Maltese FSA determined after a March 2015 audit that the bank's governancearrangements, processes and mechanisms in place at the time were insufficientlycomprehensive for its activities.
Theregulator imposed limitations on geographic expansion and mandated priorapproval should the bank wish to invest further in the network, conditions thatFIMBank said coincide with the strategy it is already pursuing. FIMBank added thatno fine or penalty was imposed by the Maltese FSA.
FIMBankin 2015 named a new CEO, MuraliSubramanian; a new group COO, Howard Gaunt; and a new group chief risk officer,Ronald Haverkorn.Subramanian took over from acting CEO Simon Lay, who had served in that role since the startof 2015 and was named deputy CEO. CFO Marcel Cassar also left during the year.
FIMBankChairman John Grech said: "January 2015 saw the start of a gradualreplacement of senior management executives, and we have been actively workingtowards adopting a more consistent implementation of robustcontrol measures in order to be in a position to reach a stage where there is acomplete revocation of the restrictions imposed."