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Maltese fund acquires 49.01% stake in Lombard Bank Malta

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Maltese fund acquires 49.01% stake in Lombard Bank Malta

The transfer of a 49.01% stake in Lombard Bank Malta Plc to Malta's National Development and Social Fund from Cyprus Popular Bank Public Co. Ltd. has taken place via an off-exchange transaction.

The transfer follows the satisfaction of all conditions under the share purchase agreement between the Maltese fund and Cyprus Popular Bank, including receipt of approval from the Malta Financial Services Authority and the ECB.

The Maltese fund reaffirmed that it does not intend to increase its stake in Lombard Bank Malta, nor exert any influence on the bank's operations; that the deal will not lead to a change in control of the bank; and that it will seek to reduce its stake in the bank at the right market conditions.

Cyprus Popular Bank collapsed during the 2013 Cypriot financial crisis, with most of its operations taken over by Bank of Cyprus Holdings Plc.