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Mediterranean Bank opens new bank in Belgium

Mediterranean Bank is pleased to announce that effective 1st June, its Belgian branch was converted to a fully authorised subsidiary bank, MeDirect Bank S.A., operating under the commercial name of MeDirect Bank.

The new Belgian bank has been capitalised with €80 million, and all business of the branch has been transferred to the new entity. On completing the conversion process, Xavier de Pauw, MeDirect CEO commented “This is another important step on the MeDirect journey within the Belgian market. In some 18 months we have grown our deposit base to in excess of €350 million from over 10,500 customers. Our unique online savings and wealth management platform is gaining real traction in our targeted market, and there is great momentum in the business. Operating as a fully authorised Belgian credit institution will only enhance our customer proposition, and we are extremely proud to have achieved this significant milestone.”

MeDirect Bank S.A. is a wholly owned subsidiary of Mediterranean Bank plc and will operate with an autonomous Board of Directors under the Chairmanship of Mr. Baudoin Velge. On behalf of Mediterranean Bank, Mark Watson, CEO, commented that “We have a unique business model in that we support our international business from our first class operating centre here in Malta. Our online international proposition affords great efficiencies and scalability which enables us to deliver a leading customer product proposition at a highly competitive price point. The creation of a full Belgian bank operating within the MedBank group is a great step forward, and we are optimistic about our ability to grow in a prudent and sensible way that creates long term value for all our stakeholders.”

Additionally, Medfin Holdings Limited, the holding company of Mediterranean Bank, has recently acquired the remaining 35% of the outstanding shares of Charts Investment Management Service Limited, which will operate as a subsidiary of Mediterranean Bank’s parent company. Mark Watson commented further “As well as exciting developments on the international front, we continue to focus on enhancing our capabilities in the local market. By completing the acquisition of the remaining shares of Charts, we will further our capabilities in the local corporate market by providing the full spectrum of financing capabilities whilst significantly broadening the reach of our investment and wealth management capabilities. We are very happy that the Charts team, led by Wilfred Mallia, will continue to offer their focused client services within the new structure whist developing the client proposition by engaging the MedBank operating platform.”

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