Mediterranean Bank plc, the Maltese based private bank is to be acquired by AnaCap Financial Partners LLP, a London based private equity firm that specialises in the financial services sector, our sister business newspaper, The Malta Business Weekly, reported this week.
The terms of the deal were not disclosed.
The acquisition has received final regulatory approval by the Maltese Financial Services Authority.
As part of the transaction AnaCap will be injecting new money to improve Mediter-ranean Bank’s Tier 1 capital ratio.
Mediterranean Bank plc was founded in 2005 to serve Maltese and International high net worth individuals.
“Our purchase by AnaCap will bring in the additional expertise and financial strength to help further the development of our private banking operations,” said Frederic Villa of Mediter-ranean Bank.
“The deal is excellent news for our customers and staff and will help us to continue to improve service levels to our customers. AnaCap share our view that there is a great deal of potential in private banking in Malta and having worked closely with them over the last few months we are delighted to see them come onboard as an investor.
“Malta’s full EU membership, its status as an OECD onshore location and also its competitive tax regime make it an attractive market for private banking. We are confident that with our help Mediterranean Bank can thrive,” said AnaCap Principal, Chris Patrick.
AnaCap recently closed its second fund, AnaCap Financial Partners II, LP, raising E575m from investors.
AnaCap is a specialist private equity investment adviser which is based in London and focuses on pan-European investments in the financial services sector. AnaCap has more than E920m under management. AnaCap provides investment advice to both funds and targets businesses with high growth potential, strong management teams and/or restructuring needs for investment.
Post-investment, AnaCap provides operational and financing expertise to create value in its funds’ investee companies. AnaCap’s investment strategy and team has attracted investment from highly regarded global institutional investors including Goldman Sachs, Allianz, Honeywell, Morgan Stanley Alternative Investment Partners, State of New Jersey and Adams Street Partners.