On 20 September 2022, Lombard Bank Malta plc announced that it intends to tap the local capital market for the purpose of issuing new shares which will form part of the existing class of ordinary shares and rank pari passu with the Bank’s existing share capital.
In this respect, Lombard will be holding an Extraordinary General Meeting on 10 November 2022 with a view of obtaining the necessary approval from shareholders as at close of trading on 7 October 2022. The Bank noted that further information about the Extraordinary General Meeting will be provided in due course.
Updated Business Strategy
Meanwhile, Lombard also rolled-out an updated business strategy which will position the Bank for its next stage of growth and development without increasing the risk profile. In summary, the updated strategy outlines that:
- Lombard is aware of attractive market opportunities which are within its prudent risk parameters, both in terms of fee-based non-interest income as well as the more traditional commercial and retail banking activity.
- The Bank is set to increase its physical footprint by expanding its branch network with a view of enhancing its market presence and visibility, as well as foster new client relationships across a wider demographic spectrum without jeopardising its typical personalised approach to customer service.
- Talent management and ethics will continue to serve as the foundations for the Bank to address wider stakeholder interests consistent with its corporate values, including the delivery of a progressive policy of increasing shareholder value which would also take into account the maximisation of synergies with the Bank’s postal subsidiary – MaltaPost plc.
Lombard explained that the implementation of the updated strategy will comprise further investments in the distribution channels, IT infrastructure, customer relationship management systems and human resources. The Bank also added that it is confident that the updated strategy coupled with its tried and tested business model, intimate knowledge of the Maltese market and its business culture, industry positioning, as well as wider community presence, will allow Lombard to raise its profile within the Maltese economy.