Volksbank Malta, recently acquired by Mediterranean Bank, has been renamed Mediterranean Corporate Bank and is set to provide corporate banking services to medium and large organisations.
The €35.3 million acquisition was finalised last week after receiving full regulatory approval from the Malta Financial Services Authority.
“This deal is a key part of our strategy to enhance and broaden our corporate lending portfolio to Maltese clients,” said Mediterranean Bank’s CEO Mark Watson.
“This is another positive step for Mediterranean Bank Group, following the opening of our Belgian business last year. Through Mediterranean Corporate Bank we will deliver innovative financing solutions to local medium sized and large businesses, using our balance sheet strength to bolster lending activities.
“Additionally we can provide market solutions through other entities in the group and provide a full spectrum of corporate services, from competitive foreign exchange services to a comprehensive and transparent payments capability.”
Charles Cini was appointed as CEO. Mediterranean Corporate Bank is a wholly owned subsidiary of Mediterranean Bank.