Marfin Popular Bank Public Company Ltd (MPB) announces that it has reached agreement for the acquisition of approximately 43% of the share capital of Lombard Bank Malta PLC (LBM) from the key shareholders BSI SA, Lugano, and other international investors for the sum of EUR 48,3 million.
LBM is Malta's third largest bank, listed on the local stock exchange and operating under the supervision of the Central Bank of Malta. It was established in 1969 with its registered office in Valetta. It offers full banking services and has a network consisting of six branches. LBM will also offer services through Malta Post, of which it is a key shareholder.
According to its unaudited accounts, on 30/06/2007 LBM had capital and reserves of EUR 47,2 million, while total deposits and loans amounted to EUR 410,4 million and EUR 331,6 million, respectively.
Acquisition of the stake in LBM forms part of Marfin Popular Bank's strategy to expand its activities in the provision of high-level banking services in the field of international business banking. In recent years Malta has been a focus of investment for international businesses.
The agreement is subject to the relevant approvals being obtained from the supervisory authorities in Cyprus and Malta.