We wish to refer you to a company announcement made by Merkanti Holding p.l.c. pursuant to the Capital Market Rules issued by the Malta Financial Services Authority (the “MFSA”).
Merkanti Holdings p.l.c. has announced that the Company, a subsidiary of Scully Royalty Ltd. [NYSE: SRL]and the parent of Merkanti Bank Ltd. (“Merkanti Bank”), has entered into an agreement to acquire Sparkasse (Holdings) Malta Ltd. a company registered in Malta (C 35408) (“Sparkasse Holdings”), the parent of Sparkasse Bank Malta plc (“Sparkasse Bank”). 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 projected combined Own Funds based upon 31st December 2021 figures of circa Euro 60 Million, Total Assets of Euro 1.1 Billion, Assets under custody of Euro 8.1 Billion and Revenues of Euro 17 million.
The combined entity will be renamed and rebranded to reflect its focus and market footprint in corporate banking, custody, depositary and investments services in Malta and Ireland. The combination of the existing market presence and product offerings of Sparkasse Bank with the investment in resources and capital from Merkanti creates a strong foundation for growth and development in the Bank’s core markets.
The business model of Sparkasse Bank will remain unchanged and will be supplemented with the additional resources and banking activities of Merkanti Bank. Mr. Paul Mifsud will be named the Chief Executive Officer of the merged entity and a Director of Merkanti Holding plc upon closing, subject to regulatory approval.
The transaction is conditional upon regulatory approval, including from the European Central Bank, the Malta Financial Services Authority and the Central Bank of Ireland.
Executive Statements -
“We are excited about merging our banks,” said Paul Mifsud, Managing Director and CEO of Sparkasse Bank Malta. “Merkanti offers Sparkasse Bank Malta the necessary enthusiasm and resources to assist us sustain and grow our business both locally and in Ireland. It also provides us with the appetite for new opportunities and to pursue new projects that we had parked for a while” said Mifsud. “Our team supports this development and we are confident that our clients and combined team of professionals will benefit for this transaction.”
“We are pleased to expand Merkanti's footprint in Malta with the acquisition of Sparkasse Bank Malta,” said Samuel Morrow, Chief Executive Officer Merkanti. “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 critical mass. 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.”
Merkanti Holdings p.l.c. has announced that the Company, a subsidiary of Scully Royalty Ltd. [NYSE: SRL]and the parent of Merkanti Bank Ltd. (“Merkanti Bank”), has entered into an agreement to acquire Sparkasse (Holdings) Malta Ltd. a company registered in Malta (C 35408) (“Sparkasse Holdings”), the parent of Sparkasse Bank Malta plc (“Sparkasse Bank”). 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 projected combined Own Funds based upon 31st December 2021 figures of circa Euro 60 Million, Total Assets of Euro 1.1 Billion, Assets under custody of Euro 8.1 Billion and Revenues of Euro 17 million.
The combined entity will be renamed and rebranded to reflect its focus and market footprint in corporate banking, custody, depositary and investments services in Malta and Ireland. The combination of the existing market presence and product offerings of Sparkasse Bank with the investment in resources and capital from Merkanti creates a strong foundation for growth and development in the Bank’s core markets.
The business model of Sparkasse Bank will remain unchanged and will be supplemented with the additional resources and banking activities of Merkanti Bank. Mr. Paul Mifsud will be named the Chief Executive Officer of the merged entity and a Director of Merkanti Holding plc upon closing, subject to regulatory approval.
The transaction is conditional upon regulatory approval, including from the European Central Bank, the Malta Financial Services Authority and the Central Bank of Ireland.
Executive Statements -
“We are excited about merging our banks,” said Paul Mifsud, Managing Director and CEO of Sparkasse Bank Malta. “Merkanti offers Sparkasse Bank Malta the necessary enthusiasm and resources to assist us sustain and grow our business both locally and in Ireland. It also provides us with the appetite for new opportunities and to pursue new projects that we had parked for a while” said Mifsud. “Our team supports this development and we are confident that our clients and combined team of professionals will benefit for this transaction.”
“We are pleased to expand Merkanti's footprint in Malta with the acquisition of Sparkasse Bank Malta,” said Samuel Morrow, Chief Executive Officer Merkanti. “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 critical mass. 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.”