MeDirect board says MDB considering stratgic options, possible sale

The board of directors of the MeDirect Bank Malta has announced in a company statement that it is considering a possible sale, but that any details would be announced when the sale occurs.

“A final decision on the outcome of this process has not been made, and it may or may not lead to a sale,” the bank said in relation to parent company MDB Group’s announcement that it was considering “strategic options” for the bank that could include a sale.

MeDirect Bank Malta is a Maltese bank and financial services company with headquarters in Sliema. Founded in 2004 as Mediterranean Bank, it was licensed by the Malta Financial Services Authority in 2005.

Mediterranean Bank struggled to fully maximise the potential of its business model, which was that of an offshore bank. In 2009, it was acquired by AnaCap Financial Partners in a bid to revitalise it. The bank mostly operates in the corporate sector.

MeDirect Bank Malta purchased Volksbank Malta in 2014, and merged operations. In 2015, Charts Investment Management Service Ltd was also acquired.

Meanwhile, in 2013, the MeDirect Bank Malta opened a branch in Brussels, Belgium, branded as MeDirect.

Mediterranean Bank underwent a rebranding exercise in November 2017, adopting the name of MeDirect Bank (Malta). This coincided with the moving of Head Office, Operations and Support Services into new premises at Tigné Point in Sliema.