30 July 2009
Intention to expand high net worth client base
AnaCap Financial Partners (“AnaCap”), the London based private equity firm that specialises in the financial services sector, has acquired Mediterranean Bank, a Maltese based private bank.
The acquisition has now received its final regulatory approval by the Maltese Financial Services Authority. As part of the transaction AnaCap will be injecting new capital to improve the bank’s Tier 1 capital ratio.
Mediterranean Bank was founded in 2005 to serve Maltese and International high net worth individuals. AnaCap explains that, following their due diligence, no legacy assets or additional bad debt issues are expected to arise.
Comments Chris Patrick, Principal, of AnaCap: “Mediterranean Bank is relatively new and hadn’t reached critical mass before the credit crunch took hold. As part of the bank’s natural expansion and development it did need extra capital and expertise and we are very pleased to be providing both.”
“Malta’s competitive tax regime, full EU membership and its status as an OECD onshore location make it an attractive market for private banking. We are confident that by creating the right wealth management platform we can create a very exciting business.”
AnaCap says that its team will be using their financial services expertise to improve the bank’s operational performance and build up its capabilities in analytics, information and risk management. Terms of the deal were not disclosed.
About AnaCap Financial Partners LLP
AnaCap is a specialist private equity investment advisor which is based in London and focuses on pan-European investments in the financial services sector. AnaCap has more than €920 million under management. AnaCap provides investment advice to both funds and targets businesses with high growth potential, strong management teams and/or restructuring needs for investment. Post-investment, AnaCap provides operational and financing expertise to create value in its funds’ investee companies. AnaCap’s investment strategy and team has attracted investment from highly regarded global institutional investors including Goldman Sachs, Allianz, Honeywell, Morgan Stanley Alternative Investment Partners, State of New Jersey and Adams Street Partners.