National Development and Social Fund acquires share capital in Lombard Bank
On the 16th March 2018, the Board of Governors had announced that the National Development and Social Fund (‘NDSF’, ‘Agency’ or ‘Fund’) had entered into a Share Purchase Agreement to acquire 21,651,746 ordinary shares in the issued share capital of Lombard Bank Malta p.l.c. (‘Bank’), representing 49.01% of the total issued share capital of the Bank, from Cyprus Popular Bank Public Co. Ltd.
The NDSF Board confirms that all conditions contained in the above-mentioned agreement, including the approval of the Malta Financial Services Authority and the European Central Bank for the acquisition of the shareholding in the Bank by the Fund, have been satisfied and accordingly the transfer of said shares has taken place earlier today by means of an off- exchange transfer at the Malta Stock Exchange.
The Board of Directors of Lombard Bank Malta p.l.c. were informed by the Agency this afternoon.
Notwithstanding the fact that NDSF has acquired 49.01% of the total issued share capital of Lombard Bank, the Board of Governors reaffirms that the Fund:
- does not intend to increase its shareholding in the Bank;
- shall not act in concert with any other shareholders;
- will seek to reduce its shareholding in the Bank in an orderly manner, at the right market
conditions and by agreement with the regulatory authorities;
- has no intention of exerting any influence on the operations of the Bank; and
- this acquisition will not result in a change in control of the Bank
The NDSF is the government agency responsible for managing and administering seventy per cent of the contributions received from the Individual Investor Programme of the Republic of Malta set up by virtue of the Malta Citizenship Act Cap.188.