Merkanti Holding plc, a subsidiary of Scully Royalty Ltd and the parent of Merkanti Bank Ltd, entered into an agreement to acquire Sparkasse (Holdings) Malta Ltd on 4th March.
The latter company is the parent of Sparkasse Bank Malta plc.
Upon closing of this transaction, and subject to regulatory approval, it is the intention to merge Sparkasse Bank and Merkanti Bank in order to form a larger independent institution with with projected combined Own Funds of €60 million, total assets of €1.1 billion, assets under custody of €8.5 billion, and revenues of €17 million.
“We are excited about merging our banks. Merkanti offers Sparkasse Bank Malta the necessary enthusiasm and resources to assist us in sustaining and growing the business both locally and in Ireland,” Sparkasse Bank Malta CEO and Managing Director Paul Mifsud said.
“It also provides us with the appetite for new opportunities and to pursue new projects that we had parked for a while. Our team supports this development and we are confident that our clients and combined team of professionals will benefit from this transaction,” he continued.
The combined entity is set to be renamed and rebranded to reflect its focus and market footprint in corporate banking, custody, depositary, and investment services in Malta and Ireland.
Sparkasse Bank’s business model will remain unchanged and will be supplemented with the additional resources and banking activities of Merkanti Bank. Subject to regulatory approval, Mr Mifsud will be named CEO of the merged entity and will also become a Director of the company upon closing.
“We are pleased to expand Merkanti’s footprint in Malta with the acquisition of Sparkasse Bank Malta. The combination of the existing market presence and product offerings of Merkanti with the corporate and custody banking experience and talented professionals of Sparkasse Bank creates a top-tier, diversified bank with the critical mass,” Merkanti CEO Samuel Morrow said.
“We believe that the additional scale and operational scope provided by this transaction will generate long-term value for all of our stakeholders. On behalf of Merkanti, we look forward to welcoming all of the employees and clients of Sparkasse Bank to our group and working with and alongside them going forward,” he concluded.
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