Can Banif dis­close the value of the share ac­qui­si­tion?

Malta Independent - - NEWS -

This in­vest­ment con­sists of the ac­qui­si­tion of Por­tuguese shares in the Malta branch. For us it’s an in­vest­ment be­cause we trans­ferred our in­vest­ment upfront, but off course the money went to Por­tu­gal. In the past, Al Faisal Hold­ings had as­sets in other banks but this is the first sub­stan­tial ac­qui­si­tion and our in­ten­tion is for Banif to go off­shore. In terms of the ex­ist­ing busi­ness in Malta, we can see that there is an op­por­tu­nity to be­come a large bank and a mean­ing­ful player be­cause Malta is grow­ing eco­nom­i­cally. and we can say that from the due dili­gence the em­ploy­ees are do­ing very well. They are qual­i­fied and loyal work­ers and our in­ten­tion is to keep them and con­tinue to in­vest in them. The only thing we can say is that they lack the tools and re­sources to grow and we will be in­vest­ing in this and also em­ploy­ing more peo­ple.

What ex­actly was the gov­ern­ment’s role in what seems to be a pri­vate deal be­tween two pri­vate en­ti­ties?

It all started when a Mal­tese busi­ness del­e­ga­tion led by Prime Min­is­ter Joseph Muscat vis­ited Qatar in 2015. Al Faisal Hold­ings, which has a di­ver­si­fied in­vest­ment port­fo­lio (real es­tate, hospitality, man­u­fac­tur­ing, phar­ma­ceu­ti­cal, ed­u­ca­tion) around the globe al­ways looked at Malta as an off­shore ju­ris­dic­tion where for­eign com­pa­nies can reg-

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