Mediterranean Bank has completed the acquisition of 100% of the issued share capital of Volksbank Malta after receiving approval from the Malta Financial Services Authority (MFSA).
Mediterranean Bank agreed to buy Volksbank Malta from VB Holding Aktiengesellschaft and Mithra Holding Gesellschaft for 35m in April this year.
Following the acquisition, Volksbank Malta will be renamed as Mediterranean Corporate Bank, which will deliver corporate banking services to medium and large organizations.
This takeover comes as part of Mediterranean Bank’s strategy to expand its corporate lending portfolio of Maltese clients.
The deal is expected to enable Volksbank Malta’s parent company, Osterreichische Volksbanken-AG (VBAG), boost its capital ratios while meeting the restructuring plan of the European Commission.
Mediterranean Bank has named Charles Cini as CEO, who will bring the Mediterranean Corporate Bank team with him to supplement Volksbank staff.
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Mediterranean Bank’s CEO Mark Watson said: "This is another positive step for Mediterranean Bank Group, following the opening of our Belgian business last year. Additionally we can provide market solutions through other entities in the group and provide a full spectrum of corporate services, from competitive Foreign Exchange services to a comprehensive and transparent payments capability."