Lombard Bank Malta plc - Quote

Lombard Bank Malta plc - Profile

Lombard Bank Malta plc was registered in Malta as a limited liability company in May 1969. Until 1975 the Bank was originally fully owned by Lombard North Central plc (part of the UK Natwest Banking Group).

Lombard Bank is licensed as a credit institution in terms of the Banking Act 1994 and for investment business under the Investment Services Act 1994. The bank provides an extensive range of banking and financial services to domestic and international customers through a network of 6 branches and one agency in Malta and Gozo.

In 1975, the Government of Malta purchased 25% of Lombard’s shares and in 1981 it purchased a further 35%, with Lombard North Central plc retaining 40% of the Bank’s capital. In 1989, the Bank embarked on a capital base strengthening exercise with the Government of Malta acquiring further equity and increasing its stake to 74%.

In May 1990, the Government sold 83,500 shares to the general public. A further 124,000 shares were later sold to the general public reducing the Government’s equity stake to 51%. Lombard Bank North Central plc’s shareholding was then reduced to 21.33% with the general public holding 27.77% of the Bank’s shares.

During 1991 Lombard Bank North Central plc sold its stake to the Government of Malta, which in turn, resold these shares to Mr. Robert Tan Hua Choon, a Malaysian businessman.

In February 1998, Credit Commercial de France, a large private banking group, bought the 21.33% stake of Lombard Bank that was held by Mr. Choon. In September of that same year, CCF purchased an additional 5% of the share capital of Lombard, bringing its total holding to 26.33%.

In May 2002, Banca Unione di Credito acquired 1,043,888 shares of Lombard Bank Malta plc from CCF Holding (Suisse) S.A. and Handelsfinanz-CCF Bank. Banca Unione di Credito (BUC) was founded in 1919 by Credito Italiano. BUC is a full-service bank that offers a wide range of financial products and services together with asset management and private banking services.

On 15 June 2006, Lombard Bank Malta plc announced that Banca della Svizzera Italiana (BSI) acquired Banca Unione di Credito (BUC) which owns a 26.55% stake in Lombard Bank Malta plc. BUC was owned by FIAT Group, through Internazionale Holding FIAT. The transaction was part of FIAT Group’s strategy to focus on the automotive business and sell non-core activities. For BSI, which is fully owned by the Generali Group, the acquisition is part of a growth programme in the asset management sector and follows the recent acquisition of Ifabanque in Paris. BSI specialises in asset management and related services for private and institutional clients and is present in major financial markets worldwide.

On 15 October 2007 the Company announced that Marfin Popular Bank of Cyprus (MPB) had agreed to acquire a stake of circa 43% in Lombard. On 29 February 2008 MPB purchased 3,698,509 Lombard shares (42.86% of the total issued share capital) for a total consideration of €48.3 million equivalent to €13.057 per share. MPB is the result of a merger between Cyprus Popular Bank Group, Marfin Financial Group and Egnatia Group. It offers a wide range of financial services including retail, corporate and investment banking, wealth management and treasury services. MPB is the second largest bank in Cyprus and the fifth largest bank in Greece in term of assets and is listed on both the Cyprus and Athens Stock Exchanges. MPB’s largest shareholder is Dubai Financial Limited Liability Company (member of Dubai Investment Group).

The Directors of Lombard Bank Malta plc are: Mr Christian Lemmerich, Mr Joseph M Demajo, Mr Graham A Fairclough, Mr C J Stylianides, Mr Joseph Said, Mr D Spanodimos and Mr Michael Zammit.

Subsidiary

• Lombard Asset Managers Ltd – LAM (100%): In September 2002, Lombard Bank Malta plc concluded the acquisition of 75% of the share capital of Gasan Fund Management Ltd. As a result the fund management firm changed its name to Lombard Asset Managers Ltd. The subsidiary manages Gasan Funds SICAV plc, an open-ended multi class collective investment scheme licensed in Malta.

• MaltaPost plc (64%): In August 2006, the Bank acquired a 35% stake in MaltaPost plc, Malta’s postal services operator, from Transend Worldwide Limited of New Zealand. In September 2007, Lombard Bank plc purchased an additional 25% of MaltaPost plc from the Government of Malta.

Share Capital

The Bank’s shares were admitted to the Official List of the Malta Stock Exchange on the 20 April 1994. Thereafter, the Government of Malta offered its 1.6 million shares to the general public.

In December 2005 the Board of Directors of Lombard Bank plc recommended a “two-for-one” share split which was effected on 12 May 2006. As a result the authorised shares of Lombard Bank Malta doubled to 20,000,000 ordinary shares and their nominal value halved to Lm0.25 each. Similarly, the issued and fully paid up shares of Lombard Bank Malta plc doubled to 8,410,720 ordinary shares and their nominal value halved to Lm0.25 each.

On 3 May 2008 Lombard Bank Malta plc transferred the amount of €3,603,849 from retained earnings to the called up share capital account and effected a 4-for-1 share split. The issued share capital increased to 34,514,912 shares of a nominal value of €0.25 each.

Lombard Bank Malta plc - Financials

Lombard Bank Malta plc Interim Accounts

Lombard Bank Malta plc Final Accounts

News for Lombard Bank Malta plc

Lombard Bank Malta plc - Downloads

• Lombard Bank Malta plc - Annual Report 2009 (4.3 MiB, 87 hits)
• Lombard Bank Malta plc - 2009 Preliminary Results (168.1 KiB, 84 hits)
• Lombard Bank Malta plc - Annual Report 2008 (7.1 MiB, 95 hits)