Tuesday 21 November 2017

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MEDITERRANEAN BANK PLC

Mediterranean Bank plc is pleased to announce that it has agreed today with Volksbank Austria to purchase 100% of the share capital of Volksbank Malta.

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 approximately €150 million and equity of approximately €56 million.

Mark Watson, the CEO of Mediterranean Bank, said that “the purchase of Volksbank Malta will both consolidate and expedite our Maltese growth strategy through its portfolio of Maltese clients which is complementary to our existing customer base and aligned with our future growth strategies.”

The purchase is expected to be completed in the coming weeks, subject to receipt of required approvals from relevant governmental and regulatory authorities.

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