After the acquisition of the Volksbank Malta, the Mediterranean bank plc has now become the third largest bank in Malta. The bank’s shareholder equity is now €170 million. The acquisition of the Volksbank Malta was carried out after the Maltese Financial Services Authority (MFSA) had given their approval.
After the acquisition the group set up the Mediterranean Corporate Bank, which is the first bank in Malta solely dedicated to corporate services, such as banking and lending. The Mediterranean Corporate Bank delivers innovative financing solutions to smaller and larger local businesses, and they also provide the full spectrum of corporate services and business bank accounts.
The story of the Mediterranean Bank group is extraordinary. The bank was established in 2005 and was taken over by Anacap in 2009. Since then the staff grew from six employees to more than 250 in just five years. The CEO, Mark Watson, said that establishing the Mediterranean Corporate Bank is yet another positive step for the group, which followed the opening of the Belgian business last year.
The banks in Malta
Last Sunday, when the results of the ECB stress test were released, the two biggest banks in Malta, HSBC Malta and BOV showed very good results. Compared with other banks of island nations, such as Cyprus, the Maltese banking system has proven to be very successful and stable. The conservative and low-risk approach has paid off and Malta’s banks are prepared for coping with another situation of economic downturn (if it should happen).