Al Faisal International for Investment (AFII), the Financial Investment Company of Al Faisal Holding Company, one of Qatar’s largest private diversified industry groups, has acquired a 78.46 per cent shareholding in Banif Bank (Malta) plc.

AFII has completed the acquisition of the majority stake from Oitante SA, following receipt of regulatory approval by the European Central Bank and the Malta Financial Services Authority.  The remaining 21.52 per cent of Banif Bank (Malta)’s shares are held equally by four Maltese shareholders.  AFII will appoint three non-executive directors to the bank’s 11-person board.

AFII will be providing Banif Bank (Malta) with additional capital resources to further strengthen the bank’s capitalisation and to support its focused diversification and expansion plans.  These plans include enhancing the bank’s existing range of services for retail and corporate customers and the development of new private banking and investment banking services.

“Banif Bank Malta has quickly established itself as an increasingly important part of Malta’s financial services landscape and it is a bank in which Al Faisal is proud to have become the majority shareholder,” commented Sheikh Faisal Bin Qassim Al Thani, chairman of Al Faisal Holding. “Across the globe, Al Faisal’s strategy is to establish market-leading standards of operation and service in every region and sector in which we operate and Banif Bank (Malta) will be no exception. Banif Bank (Malta) will be Al Faisal’s first financial services investment in Europe and we expect it to be the first of more investments in Malta across a number of different sectors.”

“Banif Bank (Malta) welcomes Al Faisal International for Investment as our majority shareholder,” said Joaquim Francisco Da Silva Pinto, chief executive officer of Banif Bank (Malta). “While in the short term it will be business as usual for our customers as we consolidate and expedite our current growth strategy, with the backing of such a major, global investor we look forward to leveraging new resources and expertise to further develop and enhance the bank’s services and relationships with all our stakeholders.”