Lombard Bank Malta plc and New Zealand Post have reached an agreement whereby Lombard Bank will purchase a 35 per cent share in Maltapost plc, currently held by Transend Worldwide Ltd, a wholly-owned subsidiary of New Zealand Post.

Transend Worldwide Ltd has been a shareholder in Maltapost since 2002. The disposal of this participation follows a decision by the company to focus on its core activity which is that of providing postal consultancy services.

For a number of years, Transend Worldwide Ltd held a management contract with Maltapost which expired in March 2005.

In a statement, Lombard Bank said it considers this investment to be of strategic importance that should result in added value to the stakeholders of both the bank and Maltapost.

The bank shall seek to contribute its experience in the service industry by enhancing the range of products and services at Maltapost thus meeting the needs and expectations of the community.

Approval of this transaction has been granted by the Malta Financial Services Authority, the bank said.

The Investment, Industry and Information Technology Ministry yesterday expressed satisfaction at the successful transfer of shares.

In a statement, the government said it believed that the entry of Lombard Bank in Maltapost will begin a new and exciting phase for Maltapost that will now be able to use the expertise of its new shareholders to sustain its diversification efforts aimed at strengthening its capacity to deliver on its core postal activities.

This new phase of activity follows the four years since 2002 during which the presence of Transend Worldwide gave it the expertise and leadership to undertake profound restructuring and reform in its core postal business.

The government is grateful for the years of partnership with Transend Worldwide in Maltapost.

The government is now looking forward to see Maltapost and its customers reap more benefits from a restructuring programme that has been carried out as the company is now well placed to deliver new services to its customers from its chain of front offices throughout the islands.

In this context, the ministry believes that the impeccable reputation of the new shareholder cannot but be reflected in the ultimate quality of service delivered by Maltapost.