Anthony Schembri, CEO and Managing Director.

ECCM Bank plc will be officially inaugurated tomorrow evening by the Prime Minister of Malta, Dr Joseph Muscat. ECCM Bank plc is owned by Banasino Investments Limited and Douglas Insurance Company Limited, part of Kronospan.

ECCM bank forms part of Kronospan – a diversified organisation involved primarily in wood based products but also involved in insurance, finance, logistics, property, IT and intellectual property. The organisation originated in Austria in 1897, where it established its first saw mill. Today it is the world’s number one wood-based products manufacturer with 40 manufacturing sites around the world, employing around 14,000.

ECCM Bank will initially offer its services to members of the organisation and later to customers and suppliers. The Bank will cater for the short and long term refinancing requirements of the manufacturing companies belonging to the organisation, taking excess liquidity from other companies and offering treasury products. ECCM will not be offering its services locally.

Mr Anthony C Schembri, who was Managing Director under the previous shareholders having joined Raiffeisen in 1997, has been retained as CEO and Managing ­Director to ensure stability and continuity.