Mediterranean Bank has completed the successful acquisition of 65 per cent of the issued share capital of Charts Investment Management Service Limited.

“Mediterranean Bank has grown quickly over the last 12 months since its acquisition by Anacap LLP, a London based private equity business, developing its presence in the local savings and wealth management market. With the purchase of Charts, Mediterranean Bank is looking to broaden its presence within Malta and complement its market leading product offerings,” a company statement said.

Charts Investment Management Service Limited was founded in 1985 by Wilfred Mallia and has since grown to become a premier stockbroking, wealth management and corporate advisory firm, serving both local and international clients with an outstanding reputation of success built around long term client relationships.

“We are very excited about this next stage of development of our local business. We believe there are tremendous synergies between the two companies which will enable us to expand our client base and extend our product offerings, with the same underlying principles that have supported both organisations,” said Mark Watson, CEO Mediterranean Bank.

Charts Investment Management Service Limited, which is based at Valletta Waterfront Vault 17, Pinto Wharf, Floriana, will continue to be run by its current management team. Mediterranean Bank operates under the depositor compensation scheme established under the laws of Malta. Mediterranean Bank Plc is licensed by the Malta Financial Services Authority under the Banking Act (1994) and the Financial Services Act (1994).