IIP Fund purchases 49% of Lombard Bank’s shares

The National Development and Social Fund (NDSF) yesterday purchased 49.01% of the total share capital of Lombard Bank Malta, the bank said yesterday.

In a Company Statement, being a publicly-listed company, Lombard announced it received notice yesterday from the NDSF that, "all the conditions contained in the Share Purchase Agreement between the NDSF and Cyprus Popular Bank Public Co. Ltd. ('CPB') have been satisfied, including the approval of the Malta Financial Services Authority (and the European Central Bank) for the acquisition of the shareholding in the Bank by the NDSF.”

The NDSF further notified the bank that the transfer of shares between the NDSF and CPB pursuant to the Share Purchase Agreement took place earlier yesterday by means of an off-exchange transaction resulting in the NDSF acquiring 21,651,746 ordinary shares in the issued share capital of the Bank with voting rights attached, representing 49.01% of the total issued share capital of the Bank. The NDSF reaffirmed that it: “Does not intend to increase its holdings in the Bank;

“Shall not act in concert with any other shareholders;

“Will seek to reduce its shareholding in the Bank in an orderly manner, at the right market conditions and by agreement with the regulatory authorities;

“That it has no intention of exerting any influence on the operations of the Bank;

“And the acquisition will not result in a change in control of the Bank.”