A Qatari investment group this morning announced that is has acquired a 78.46% stake in Banif Bank Malta for an undisclosed amount.
The Al Faisal International Trade and Investment said this will be its first financial services investment in Europe but hoped that it will only be the first of many investments in the region.
The announcement was made this morning at a press conference addressed by Prime Minister Joseph Muscat and Sheikh Faisal Bin Qassim Al Thani.
The Sheikh said Malta was chosen because it is developing at a fast pace and is well positioned in surrounding markets. “There is great potential for expansion. We have found strong support by the government and the people here. Malta is a good place to invest,” he said.
Dr Muscat said the Al Faisal group was one of the largest in Qatar and, indeed, the region. “This agreement has great strategic importance for us because Banif is the third largest player in our commercial banking sector. Banif needed new input and I am sure that, through this investment deal, the bank will take on a much more proactive role.”
The Prime Minister said he was confident that the new owners had a business outlook similar to that of the government. “This is also a signal that we are open to business from all parts of the world,” he said, referring to the recently announced investment from Jordan, Azerbaijan, China and the US.
Dr Muscat thanked the Chamber of Commerce and Malta Enterprise. He also made sure to thank his Chief of Staff, Keith Schembri, for “always getting things moving on time.”
The Sheikh’s son, who is a member of the group’s board, said Banif Malta – a subsidiary of Banif Bank Portugal - has been operating since 2008 and has 12 branches and around 30,000 customers. The bank employs around 150 people in Malta.
While the share acquisition value was not disclosed, it was said that the remaining shareholding is equally split between four Maltese shareholders.
The investment deal will provide Banif Malta with additional capital and resources, allowing it to offer new services.
Journalists were left speechless when the whole party walked out through a side door without taking questions.
Photos: Jonathan Borg