Lombard Bank takes over equity in Maltapost
Lombard Bank Malta plc has reached an agreement with Transend Worldwide Ltd whereby it has acquired the New Zealand company’s 35 per cent shareholding in Maltapost plc, in a move that is widely seen as paving the way for Maltapost’s diversification efforts.
In a company announcement issued on Thursday, Lombard Bank said that it considers the investment to be of strategic importance and should result in added value to the stakeholders of both the Bank and Maltapost.
The deal went through following the approval by the Malta Financial Services Authority for the transfer of shares.
The Ministry for Investment, Industry and IT welcomed the transfer and expressed its believe that, with the entry of Lombard Bank, Maltapost would see the beginning of a new and exciting phase as it would now be able to use the expertise of its new shareholders to sustain its diversification efforts aimed at strengthening its capacity to deliver on its core postal activities.
The Ministry also extended its gratitude to Transend Worldwide Ltd. for its contribution in the profound restructuring and reform carried out at Maltapost in recent years.
