AnaCap acquires Mediterranean Bank plc

Mediterranean Bank Plc, the Maltese based private bank is to be acquired by AnaCap Financial Partners, the London-based private equity firm that specialises in the financial services sector.

The acquisition has now received its final regulatory approval by the Malta Financial Services Authority.

As part of the transaction AnaCap will be injecting new money to improve Mediterranean Bank's Tier 1 capital ratio.

Mediterranean Bank Plc was founded in 2005 to serve Maltese and International high net worth individuals.

Frederic Villa of Mediterranean Bank, said: "Our purchase by AnaCap will bring in the additional expertise and financial strength to help further the development of our private banking operations.

"The deal is excellent news for our customers and staff and will help us to continue to improve service levels to our customers. AnaCap shares our view that there is a great deal of potential in private banking in Malta and having worked closely with them over the last few months we are delighted to see them come onboard as an investor."

Chris Patrick, AnaCap's principal said: "Malta's EU membership, its status as an OECD onshore location and also its competitive tax regime make it an attractive market for private banking.

"We are confident that with our help Mediterranean Bank can thrive."

AnaCap recently closed its second fund, AnaCap Financial Partners II, LP, raising €575 million from investors.

AnaCap has more than €920 million under management.