The Maltese Subsidiary of Raiffeisen Bank International AG Vienna, Raiffeisen Malta Bank plc was sold to Kronospan, on the 30th of June, with the bank being renamed ECCM Bank plc. A statement released by ECCM Bank plc explains that “The shareholders of Raiffeisen Bank International AG sold its 100% shareholding in the Bank to Banasino Investments Ltd and Hillwood Insurance Company Ltd, who are part of Kronospan.”
Kronospan is a firm that specialises in the production of the wood-based panels used in a number of areas including furniture, interior design, and home construction. The business was launched in 1897, in Austria, as a family business, and is still led by the Kaindl family to this day. The official inauguration of ECCM Bank plc will be by the Prime Minister on the 1st of August.
In the statement the bank explains that “ECCM Bank plc, with its 10 staff, will operate from the same location as its predecessor and will offer its banking services initially to members of Kronospan and later on to its customers, suppliers. The Bank’s Chairman Dr Patrick J Galea, and CEO and Managing Director, Mr Anthony C Schembri, have been retained to ensure consistency and a smooth transition from one shareholder to the other.”
Reviewing the company’s website Kronospan’s stated vision is “Excellence in transforming wood” stating that “Kronospan manufactures and distributes wood-based panels” and observing that they are “The number one manufacturer of oriented strand board (OSB) in Europe”. Elsewhere they state that they are the world’s largest wood-based panel manufacturer and that they recognised “expansion opportunities in east and south-east Europe”. The company has 14,000 employees, greater than 40 wood-based manufacturing sites, and generates 70% of its sales in emerging markets. Their 2011 revenue was €3 billion. The growth of the group’s international business has warranted its acquisition of a banking operation.
Raiffeisen Bank International states that it “considers Austria and Central and Eastern Europe (CEE) as its home market” where it covers 14.5 million customers “through around 3,000 business outlets in commercial and retail banking and investment banking”.
ECCM Bank plc’s directors are: Dr Patrick J Galea; Mr Matthias Kaindl; Mr Michael Kalwil; Mr Anthony Schembri (CEO & managing director); and Mr Clive David Stanford. The contact details are No 52 Piazzetta Tower Road Sliema.