Mediterranean Bank plc has become Malta’s third largest bank following the acquisition of Volksbank Malta which took the group’s shareholder equity up to €170 million.

The group has now set up Mediterranean Corporate Bank (http://medcorpbank.com.mt), Malta’s first corporate bank which is fully dedicated to corporate banking services, including corporate lending.

The acquisition of VB Malta was finalisedafter receiving full regulatory approval from the Malta Financial Services Authority (MFSA).

“Mediterranean Bank was established almost 10 years ago in 2005. It was later acquired by Anacap in August 2009 and we have since seen our staff complement grow from just six people in 2009 to more than 250 employees today,” said Mediterranean Bank’s CEO Mark Watson during a presentation to the local press at Mediterranean Corporate Bank’s headquarters in Dingli Street, Sliema.

“The setting up of Mediterranean Corporate Bank is another positive step for Mediterranean Bank Group, following the opening of our Belgian business last year. Through Mediterranean Corporate Bank we will deliver innovative financing solutions to local medium sized and large businesses, using our balance sheet strength to bolster lending activities. 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,” he said.

Mediterranean Corporate Bank is a wholly owned subsidiary of Mediterranean Bank.

Details about acquisition:
Mediterranean Bank acquired 2,308,400 Ordinary ‘A’ shares of EUR 23.83 each from VB-Holding Aktiengesellschaft and Mithra Holding Gesellschaft m.b.H. for cash consideration of €35,300,000.