Virtu acquires larger shareholding in Lombard for €5.2 million

Virtu Holdings has more than doubled its shareholding in Lombard Bank following the acquisition of 2,202,980 ordinary shares.

The transaction worth €5,177,003 took place on Monday in what is known as “an off-exchange transaction”.

Lombard is a listed company but this transaction took place privately and not on the market.

The information was given in a company announcement on the Malta Stock Exchange.

Virtu Holdings previously held 4.42% shares in Lombard. This has now increased to around 9.41%.

Virtu Holdings is the company that runs the catamaran service between Malta and Sicily.

This private transaction comes as the Cyprus Popular Bank, which has a 49% stake in Lombard, is in the process of disposing its shareholding. The Cypriot bank was forced to sell its stake after it was bailed out by the Cypriot government during the financial crisis.

The National Development and Social Fund, which is financed by the sale of Maltese passports to rich foreigners, had indicated its willingness to buy the stake belonging to Cyprus Popular bank.

Global Capital had also made an offer for the Cypriot shares.