On 13 March 2018, GlobalCapital plc announced that it submitted a binding offer to the Special Administrator of Cyprus Popular Bank Public Co. Ltd. for the acquisition of its 49.01% stake in Lombard Bank Malta plc. The bid is subject to all necessary regulatory and corporate approvals.
The offer being made by GlobalCapital to the Special Administrator of Cyprus Popular Bank Public Co. Ltd. is supported financially by York Capital which in turn is a leading private equity fund with over €25 billion under management, as well as by other institutional and private investors. GlobalCapital noted that it believes that the potential synergies between GlobalCapital and Lombard would be mutually beneficial to the shareholders of both GlobalCapital and Lombard.
Global Capital Life Insurance Ltd, which is a fully-owned subsidiary of GlobalCapital plc, currently holds a 5.54% stake in Lombard and is also the second largest shareholder after Cyprus Popular Bank. GlobalCapital said that further announcements regarding its bid to the Special Administrator of Cyprus Popular Bank Public Co. Ltd. will be made at the appropriate time in accordance with its regulatory obligations.