A Canadian company listed on the New York Stock Exchange, MFC Industrial, has bought Bawag Malta Bank Ltd for €91 million.

Bawag, which has been licensed to operate in Malta since 2003 and was previously owned by Bawag PSK of Austria, has been renamed MFC Merchant Bank.

It will begin operations as part of the MFC Group, after the transaction receives the approval of the European Central Bank and Malta Financial Services Authority.

Finance Minister Edward Scicluna yesterday welcomed this latest development in the Maltese banking sector.

“Malta offers investors in the financial services sector not only a guarantee of good fiscal and economic governance as well as political and economic stability, but also the services of highlyqualified, experienced professionals in the financial, accountancy, IT and legal spheres,” he said.

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