On 18 August, Bank of Valletta plc announced that it has acquired the 40% shareholding that Insight Investment Management Limited (IIM) held in Valletta Fund Management Limited (VFM). As a result, BOV is now the sole shareholder of VFM.
The acquisition was made for a total consideration of €5 million. BOV and VFM agreed that all service agreements between IIM and VFM will continue in accordance with their respective terms following the transaction.
VFM holds a Category 2 Investment Services Licence issued by the Malta Financial Services Authority (MFSA) and currently manages in excess of €800 million in funds under management. As at end of July 2016, VFM’s value of gross assets amounted to €3.2 million, whilst profits attributable to the assets which are the subject of the transaction amounted to €1.7 million.