Lombard-Gasan participation agreement

Lombard Bank Malta plc and the Gasan Group yesterday reached agreement under which the bank will acquire 75 per cent "participation" in Gasan Fund Management Limited.

The agreement is subject to the completion of the usual due diligence procedures and to the regulatory approval of the Malta Financial Services Centre.

Gasan Fund Management Limited was set up in 2001 and is licensed by the MFSC to provide investment services. It is mainly engaged in the promotion, development, distribution and management of collective investment schemes, which include the Gasan Funds SICAV p.l.c.

Lombard Bank and the Gasan Group aim to use their expertise and resources to further develop the activities of Gasan Fund Management Limited.

This should result in an enhanced product offer, increased distribution capabilities and the opportunity to venture into new areas of asset management, Lombard Bank said.