The Malta Independent 18 June 2018, Monday

Global Capital submits bid for Lombard Bank Malta plc

Tuesday, 13 March 2018, 15:15 Last update: about 4 months ago

Global Capital plc said today that it has made a substantial binding offer to acquire the majority 49 per cent shareholding in Lombard Bank Malta plc.

The bid by Global Capital – which holds the second largest stake in Lombard Bank – has been submitted in writing to the Special Administrator of Cyprus Popular Bank Public Co. Ltd, which owns 21 million shares in Lombard Bank.

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The offer by Global Capital is financially supported by institutional and private investors.

Global Capital Executive Chairman Paolo Catalfamo said: “We believe our offer is very beneficial to the shareholders of Lombard Bank and those of Global Capital.

“We are also in a position to create many synergies with Lombard and Maltapost plc, in which the bank holds a 70 per cent shareholding, since Global Capital is today primarily an insurance business. It’s a win-win for all entities.”

Global Capital plc’s offer is not only binding, but also waives the requirement for a due diligence process to speed up the sale of the Cypriot shareholding which was authorised by the Special Administrator in 2016.

Global Capital added that its offer facilitates a European Union recommendation for the creation of a competitive environment in the sale of stakes in public companies like Lombard Bank Malta plc.

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