Izola Bank said the Van Marcke Group, its current shareholder, has agreed to sell its holding in the bank to France-based Azure Financial for an undisclosed amount.
According to a statement published on the Malta Stock Exchange, Azure Financial has signed a share purchase agreement to take over the entire issued share capital of the bank.
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As part of the deal, Azure Financial is also set to inject €2.8m ($3.2m) into Izola Bank by subscribing to newly issued shares.
That step is expected to follow soon after signing, pending regulatory and board approval.
The agreement further envisages that, once all required approvals are secured and the transaction is completed, the Van Marcke Group will take a minority stake in Azure Financial.
Izola Bank said this “reflects the continued involvement of the Bank’s current shareholder in the future development of the Bank alongside the new majority shareholder”.
Azure Financial is wholly owned by Groupe Bricks SAS, a French holding company that serves as the parent of the Bricks group.
Through Bricks SAS, its fully owned operating subsidiary, the group runs a regulated digital real estate investment platform.
Beyond that platform, the group is involved in several parts of the property sector, including real estate origination, investment and asset management, property management, retail real estate operations and hospitality investments.
