M and A
Malta's Mediterranean Bank Bulks Up With Acquisition
Mediterranean Bank, a Malta-registered private bank owned by a UK-based private equity firm, is buying Volksbank Malta.
Mediterranean
Bank, a Malta-registered private bank owned by a UK-based
private equity firm, is buying Volksbank Malta for €35.3 million
($49 million).
The bank has also agreed to refinance Volksbank Malta’s existing
debt to Österreichischen Volksbanken, according to a statement on
the Malta Stock Exchange late last week. The purchase is expected
to be completed in the coming weeks, the statement said.
This publication interviewed Mediterranean Bank several years
ago; at the time, the bank’s development – it was originally
founded in 2004 – was seen as part of how the small island was
developing as a wealth management centre. Volksbank Malta has
operated as a fully-licensed Maltese Bank since 2002 and has
provided banking services to the Maltese retail and corporate
sectors.
After taking into account the carve-out last year of its
international business, Volksbank Malta has total assets of some
€150 million and equity of approximately €56 million, the
statement said.
Pro forma after tax profits of Volksbank Malta for the period
ended December 31, 2012, after taking into account the carve-out
of Volksbank Malta’s international business, were approximately
€605,000.
