The Malta Independent 16 December 2018, Sunday

IIP Fund purchases 49% of Lombard Bank's shares

Friday, 10 August 2018, 17:50 Last update: about 5 months ago

The National Development and Social Fund (the 'NDSF') has purchased 49% of the total share capital of Lombard Bank, an announcement by the bank read.

The announcement read that Lombard Bank Malta p.l.c. has today received notice from  the NDSF that "all the conditions contained in the Share Purchase Agreement between the NDSF and Cyprus Popular Bank Public Co. Ltd. ('CPB') have been satisfied, including the approval of the Malta Financial Services Authority (and the European Central Bank) for the acquisition of the shareholding in the Bank by the NDSF. The NDSF further notified the Bank that the transfer of shares between the NDSF and CPB pursuant to the Share Purchase Agreement took place earlier today by means of an offexchange transaction resulting in the NDSF acquiring 21,651,746ordinary shares in the issued share capital of the Bank with voting rights attached, representing 49.01% of the total issued share capital of the Bank."

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 The NDSF reaffirmed that:  it does not intend to increase its holdings in the Bank;  it shall not act in concert with any other shareholders;  it will seek to reduce its shareholding in the Bank in an orderly manner, at the right market conditions and by agreement with the regulatory authorities;  it has no intention of exerting any influence on the operations of the Bank; and  this acquisition will not result in a change in control of the Bank.


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