Raiffeisen Bank at Piazzetta in Sliema has been sold and is to remain open as ECCM Bank.

It has been acquired by Banasino Investments and Hillwood Insurance Co. Ltd, which forms part of Kronospan, a wood products manufacturer. Kronospan started operations in Austria in 1897 and now has over 40 manufacturing sites, employing 14,000 people.

ECCM will initially offer banking services to members of the Kronospan company, such as trade and operating finance, as well as treasury management. The bank’s services will eventually be extended to its customers and suppliers.

Chairman Patrick Galea and CEO Anthony Schembri – who had been with Raiffessen since it opened in Malta in 1996 – have been retained to ensure a smooth transition.

ECCM now has 10 staff and will operate from Raiffeissen’s premises in Sliema.

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