Marfin Popular: Agreement for acquisition of 43% of Lombard Bank Malta
16/10/2007 8:36
Marfin Popular Bank Public Company Ltd announces that it has reached an agreement for the acquisition of 43% of the share capital of Lombard Bank Malta Plc (LBM) by the major shareholders BSI SA Lugano and other international investors against the sum of €48.3 million.
LBM is Malta’s third largest bank listed in the local stock exchange and operates under the supervision of the Central Bank of Malta. It was established in 1969 in Valetta and it offers complete banking services via a network of 6 branches. LBM will also offer services via Malta Post, in which it is a major shareholder.
According to its unaudited accounts, on 30/6/2007 LBM had capital and reserves of €47.2 million, while its total deposits and loans stood at €410.4 million and €331.6 million respectively.
The acquisition of the stake in LBM falls under Marfin Popular Bank’s strategy to expand its activities in the provision of high-standard banking services in the sector of international business banking. In the past few years, Malta attracts investments for international businesses.
The agreement is subject to the safeguard of the necessary approvals by the supervisory authorities of Cyprus and Malta.
LBM is Malta’s third largest bank listed in the local stock exchange and operates under the supervision of the Central Bank of Malta. It was established in 1969 in Valetta and it offers complete banking services via a network of 6 branches. LBM will also offer services via Malta Post, in which it is a major shareholder.
According to its unaudited accounts, on 30/6/2007 LBM had capital and reserves of €47.2 million, while its total deposits and loans stood at €410.4 million and €331.6 million respectively.
The acquisition of the stake in LBM falls under Marfin Popular Bank’s strategy to expand its activities in the provision of high-standard banking services in the sector of international business banking. In the past few years, Malta attracts investments for international businesses.
The agreement is subject to the safeguard of the necessary approvals by the supervisory authorities of Cyprus and Malta.
