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Marfin Popular Bank Acquires 43 Per Cent of Lombard Bank

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Marfin Popular Bank Acquires 43 Per Cent of Lombard Bank 44 THE TIMES, FRIDAY, OCTOBER 26, 2007 BUSINESS AND FINANCE Marfin Popular Bank acquires 43 per cent of Lombard Bank various medium-term targets, Edward Rizzo Marfin’s aim is to pursue strong profitability levels underpinned by a return on equity of close to 30 On October 15 Lombard Bank per cent and an efficiency (cost to Malta plc announced that Marfin income) ratio also in the region of Popular Bank of Cyprus had 30 per cent. agreed to acquire a stake of circa Marfin is rated by all three 43 per cent in Lombard Bank international credit rating from Banca della Svizzera a 17.5 per cent premium to the agencies. With regard to long- Italiana SA, Lugano, as well as prevailing price in the market term deposits, Moody’s assigned from other foreign shareholders. prior to the announcement. an A3 rating, and Fitch and S&P This transaction is, however, Lombard’s share price reacted both rate it at BBB+. Moreover, subject to regulatory approval. positively as investors sought to the financial strength rating The announcement, posted on acquire shares at a discount to the market capitalisation of almost Australia, the UK, Guernsey, assigned by Moody’s and Fitch is the website of the Cyprus Stock agreed price. From Lm4.75 on E8 billion, held by around 52,000 Serbia, Romania and Estonia. C- and C, respectively. Exchange on October 16 and October 15, the equity climbed by shareholders. Marfin’s largest Marfin also has representative Should Marfin be interested in replicated on the Malta Stock 15.8 per cent to Lm5.50 by the shareholder is Dubai Financial offices in the US, Canada, South increasing their stake further and Exchange website on October 18, close of trading last Tuesday. Limited Liability Company (a Africa and Russia. secure majority control of the indicates that the cost of this Marfin Popular Bank (Marfin) member of Dubai Investment Lombard Bank said in its Lombard Group by acquiring acquisition amounts to €48.3 is the result of a recent merger Group) with 17.12 per cent, announcement that the above 50 per cent of the total million (Lm20.7 million). between Marfin Financial Group, followed by Morgan Stanley & Co investment falls within Marfin’s issued share capital, this would This values Lombard at €112.3 Cyprus Popular Bank and International Ltd with a strategy, given Malta’s geographic trigger a mandatory bid in terms million (Lm48.2 million) or Egnatia Group. The new entity is shareholding of 5.24 per cent. positioning and macroeconomic of the local Listing Rules. approximately Lm5.58 per share. the second largest bank in Cyprus Marfin offers a wide range of environment. Marfin’s vision is In these circumstances, Marfin At this level, Lombard’s historic and the fifth largest bank in financial services, including that to become one of the largest would be required to make an price to earnings multiple is of Greece in term of assets, which retail, corporate and investment and most successful banks in offer to all the 1,300 Lombard 18.9 times with a price to book amounted to €24.7 billion last banking, wealth management South-Eastern Europe and the Bank shareholders to acquire value of 2.38 times. June. and treasury services through its Middle East. their shares at an equitable price. Although Marfin only agreed to Marfin has total shareholders’ subsidiary companies and its Marfin acquired a bank in This price is defined in the Listing acquire a minority stake, it is funds in excess of €3.4 billion and branch network. It has 401 Ukraine in March and its target Rules and would take into heartening to note that the is listed on both the Cyprus and branches, mainly in Cyprus, markets are Bulgaria, Romania, consideration the price at which it stipulated price level represented Athens stock exchanges with a Greece and Ukraine, as well as in Serbia and Russia. Among its bought the 43 per cent stake but also the other purchases, which helped it exceed the 50 per cent threshold. Although it is still too early for further news on Marfin’s strategy for Lombard, given that the acquisition is still subject to regulatory approval, Lombard Bank may have found a strong strategic partner, which will enable it to offer a wider array of financial services products through the bank’s branch network and eventually possibly also via the 30 branch offices of Maltapost across Malta and Gozo. Marfin’s product portfolio includes investment banking, factoring, leasing, mortgages and life insurance, among other innovative products and services. Marfin’s involvement in the Lombard Group must also be seen in the light of Lombard’s recent 60 per cent acquisition of Maltapost plc. As announced in previous weeks, the Malta Government is expected to make an initial public offering of its remaining 40 per cent of the share capital of Maltapost simultaneous to a listing on the Malta Stock Exchange. Marfin’s proposed acquisition at a multiple of 18.9 times earnings should boost investor sentiment and reinforce the claims being made by many financial observers that most local equity prices are indeed attractive. Mr Rizzo is a director of Rizzo Farrugia & Co. (Stockbrokers) Ltd. Rizzo, Farrugia & Co. (Stockbrokers) Ltd are members of the Malta Stock Exchange and licensed to conduct investment services business by the Malta Financial Services Authority. This report contains public information only and is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily indicative of future results. Neither Rizzo, Farrugia & Co., nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this report. Distributed by Allied Newspapers Ltd. under license from timesofmalta.com.
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