Mediterranean Bank announces secured notes, new director

Mediterranean Bank plc this morning announced the closing on 5 June of an issue of €240 million of senior secured notes issued by Grand Harbour IBV.

The notes have been rated AAA by Standard & Poor's Rating Service and AAA by Fitch Ratings Service.

Grand Harbour IBV is a company registered in the Netherlands which is consolidated with Mediterranean Bank plc for accounting purposes.

Mediterranean Bank also announced that Benjamin James Hollowood has been appointed as a non-executive director with effect from 30 May.

Hollowood is the investment director of AnaCap Financial Partners, the investment advisor to the company's ultimate shareholder.

The company also said it purchased a nominal value of €144,900 of its 6.25 per cent bonds due 2015 through market operations last month, for cancellation in accordance with the provisions of section 7.9.8 of the Security Note, which forms part of the prospectus dated 13 September 2010.