Friday, 19 April 2019 Communiqué
The Board of CIM Finance Ltd (‘Cim Finance’) wishes to inform the clients of the company that it has notified the Bank of Mauritius (‘BoM’) of its intention to surrender the company’s deposit-taking licence once all existing deposits have been redeemed and all other conditions imposed by the BoM have been met.
This decision stems from the desire of Cim Finance to focus its development plans on its core business as a credit-financing institution through its consumer finance, cards and payment, leasing and factoring activities. Cim Finance will also be able to rely on the support of its parent company, CIM Financial Services Ltd (‘CFSL’), for funding. In addition, CFSL intends to look at raising funds through capital markets in Mauritius to diversify its funding mix and to support the future growth of Cim Finance.
Cim Finance will thus no longer accept new deposits and/or renew maturing deposits. Concurrently, all existing deposit holders have been informed in writing of the procedure that will be adopted by Cim Finance for the redemption of their deposits.
The Board of Cim Finance would like to confirm that it has the necessary funds to proceed with an orderly redemption of the deposits and that all of its other activities remain unchanged.
Clients are invited to contact Cim Finance on 2036870 for any information that they require on this matter.
By order of the Board
Cim Administrators Ltd
19 April 2019