Mediterranean Bank has signed an agreement with Volksbank Austria to acquire 100% of the share capital of Volksbank Malta.

Since 2002, Volksbank Malta has operated as a fully licensed Maltese Bank and has provided banking services to the Maltese retail and corporate sectors.

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Volksbank Malta has total assets of approximately €150 million and equity of approximately €56 million.

Mark Watson, CEO of Mediterranean Bank, said: "The purchase of Volksbank Malta will both consolidate and expedite our Maltese growth strategy through its portfolio of Maltese clients which is complementary to our existing customer base and aligned with our future growth strategies."

The purchase, which is subject to receipt of required approvals from relevant governmental and regulatory authorities, is expected to be completed in the coming weeks.

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