Global Capital submits bid for Lombard Bank Malta plc

Global Capital plc said yesterday that it had made a substantial binding offer to acquire the majority 49 per cent shareholding in Lombard Bank Malta plc.

The bid by Global Capital – which holds the second largest stake in Lombard Bank – has been submitted in writing to the Special Administrator of Cyprus Popular Bank Public Co Ltd, which owns 21 million shares in Lombard Bank.

The offer by Global Capital is financially supported by York Capital, one of the leading private equity funds with over €25 billion under management, and by other institutional and private investors.

Global Capital executive chairman Paolo Catalfamo said: “We believe our offer is very beneficial to the shareholders of Lombard Bank and those of Global Capital.

“We are also in a position to create many synergies with Lombard and Maltapost plc, in which the bank holds a 70 per cent shareholding, since Global Capital is today primarily an insurance business. It’s a win-win for all entities.”

Global Capital plc’s offer is not only binding, but also waives the requirement for a due diligence process to speed up the sale of the Cypriot shareholding which was authorised by the Special Administrator in 2016.

Global Capital added that its offer facilitates a European Union recommendation for the creation of a competitive environment in the sale of stakes in public companies like Lombard Bank Malta plc.