Lombard Bank Malta plc - Change in Shareholding

Friday, August 10th, 2018

On 10 August 2018, Lombard Bank Malta plc announced that it received notice from the National Development and Social Fund (NDSF) that further to its previous notification to the Bank dated 16 March 2018 (Lombard Bank Malta plc – Substantial Acquisition in Lombard), 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 took place by means of an off-exchange transaction resulting in the NDSF acquiring 21,651,746 ordinary shares representing 49.01% of the total issued share capital of the Bank.

The NDSF reiterated 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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