Med Bank launches first bond issue
€15 million 6.25% bonds due 2015
Mediterranean Bank has announced a five-year bond issue worth €15 million. The bonds bear interest at the rate of 6.25 per cent per annum and have a nominal value and issue price of €100 per bond. The bank has applied for the bonds to be listed on the Official List of the Malta Stock Exchange.
Mediterranean Bank has grown rapidly since being acquired in July 2009 by Anacap Financial Partners (a London-based private equity firm specialising in financial services with over €1 billion in assets under management). Since the acquisition, the management and operations of the bank have been significantly enhanced, and the bank has embarked upon a programme to upgrade its systems and IT infrastructure in order to provide its clients with professional service of the highest standard.
As at June 30, the bank had built an asset portfolio of €1.33 billion, and during the six months ended June 30, it generated operating income of €12.77 million and net profits of €5.61 million.
The bank’s management has undertaken a strategy to position it as a savings and wealth management institution both domestically in Malta and internationally.
In order to accelerate its expansion locally, in August the parent company of Mediterranean Bank, Medifin Holding Ltd, achieved an important milestone by acquiring a major shareholding in Charts Investment Management Service Ltd, a Maltese stockbroking, wealth management and corporate advisory firm.
A few weeks ago, the bank opened its first branch in Sliema with the aim of being more accessible to its existing and prospective clients. During the 12-month period ended June 30, the bank increased its customer base to over 1,000 retail clients and increased its deposits by over €100 million to €127.72 million. The bank intends to open at least one additional branch in Malta during the coming months.
Further information on the bond issue can be obtained from Mediterranean Bank plc, Calamatta Cuschieri and Co Ltd, who are acting as sponsors, and other authorised financial intermediaries. Copies of the prospectus and application forms will be available from tomorrow.
The prospectus may be downloaded from the bank’s website: www.medbank.com.mt.
Mediterranean Bank plc is licensed by the Malta Financial Services Authority under the Banking Act, Cap 371 of the laws of Malta, and the Investment Services Act, Cap 370 of the laws of Malta. It also operates under the depositor compensation scheme established under the laws of Malta.