Lombard Bank

Lombard Bank Malta Plc is one of Malta's major banks, together with Bank of Valletta, HSBC Bank Malta and APS Bank. The Government of Malta through the National Development and Social Fund (NDSF) owns 49.1% percent of the bank. It acquired these shares from the now defunct Cyprus Popular Bank. Over 1,200 shareholders, and investment funds, hold the remaining shares. The Bank has a 71.5% stake in MaltaPost plc., the Maltese national postal operator.

Lombard Bank Malta Plc
Public
Traded asMSE: LOM
Founded1969 (1969)
Headquarters67, Republic Street, Valletta, Malta
€4.35 mln (2014)[1]
Total assets€0.676 bln (2014)[1]
Websitewww.lombardmalta.com

Branches
Lombard Bank branch at 225, Tower Road in Sliema

The Bank operates a network of 7 branches in Malta and Gozo with its Head Office at Spinola Palace in 67 Republic Street, Valletta.[2] These branches are located in:

A 24-Hour Lombard CashPoint ATM is located in every branch (except Qormi San Gorg) and in other offsite locations.

Chronology

The bank dates back to 1955 when Lombard North Central of the United Kingdom started taking deposits in Malta through a number of agents.

  • 1958: National Provincial Bank Ltd. (now National Westminster Bank Plc) acquires North Central Finance Ltd. (now Lombard North Central Plc).
  • 1969: Lombard North Central established Lombard Bank (Malta), (now Lombard Bank Malta).
  • 1975: The Maltese government purchases 25% of Lombard Bank Malta.
  • 1981: The Maltese government purchases 35% of Lombard Bank Malta.
  • 1988: NatWest, unable to find a buyer, sold its remaining shares to the government.
  • 1990: In April 1990 the Bank became a Public Limited Company and offered equity to the public. The issue was five times oversubscribed and the government subsequently totally divested its shareholding.
  • 1994: Lombard Bank Malta listed on the Malta stock exchange. The Government sold 21% of the shares (Lombard North Central’s remaining stake) to Malaysian entrepreneur Robert Tan Hua Choon.
  • 1998: CCF Holdings (Suisse) acquired Tan’s 21%.
  • 2000: HSBC Holdings acquires Credit Commercial de France and with it the stake in Lombard Malta.
  • 2002: HSBC sells its shares in Lombard Bank Malta to Swiss-based Banca Unione di Credito, which now owns 26%.
  • 2006: Lombard Bank Malta acquired Transend Worldwide's 35 per cent shareholding in Maltapost Plc. Transend Worldwide, a New Zealand company, was instrumental in restructuring Maltapost over the past four years.
  • 2006: Banca della Svizzera Italiana (BSI) acquired Banca Unione di Credito.
  • 2007: Cyprus Popular Bank (formerly Marfin Popular Bank) acquired 43% of the share capital from BSI and other international investors for €48 million.
  • 2018: The Government of Malta through the National Development and Social Fund (NDSF) acquires 49.1% of the issued share capital from Cyprus Popular Bank.

Citations and references

Citations

  1. Bank Profile: Lombard Bank (Malta)
  2. "Lombard Bank". www.lombardmalta.com. Retrieved 2016-08-12.

References

  • Consiglio, John A. A history of banking in Malta, 1506-2005 Progress Press, Valletta, 2006
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