Issue link: https://maltatoday.uberflip.com/i/976374
maltatoday WEDNESDAY 2 MAY 2018 11 Business Today www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way 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 ordi- nary 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. Virtu Holdings has increased its shareholding in Lombard Bank to 9.4% after an off-market transaction on Monday Group assets leap by 12.3 per cent to €127.1 million with group NAV at €18 million A private transaction has seen the shareholding of Virtu Holdings in Lombard Bank more than double GlobalCapital profi ts double to €4.6 million in 2017 GlobalCapital plc, the insurance and fi nancial services company, has seen its pre-tax earnings nearly double to €4.6 million in 2017 from €2.8m the previous year. The company, which provides life and health insurance products, said its financial results presented a strong financial position that consolidate its position in the local market. "In a growingly competitive environment, we're pleased by these positive results. After four consecutive positive years, GlobalCapital has successfully completed a radical turnaround and is ready to expand to new international markets," Group chairman Paolo Catalfamo said. The results show the Group's assets leap by 12.3 per cent to €127.1m in 2017 compared to €113.1m the previous year. Shareholder funds also increased by 19 per cent, while the Group's net asset value at the end of 2017 stood at €18m, compared to €15.1m in 2016. "The company is investing in technology and human resources and has just engaged a dynamic team at an executive management level who possess a successful international track record to continue growing the business," Catalfamo added. The newly appointed Group Chief Financial Officer is Teuta Oruci-Bakalli who has over 20 years' experience in regulated financial markets covering investment banking, insurance, asset management and fintech. Among others, Oruci-Bakalli previously covered the top financial positions in Europe for Willis, Vanguard and Worldpay. As Group Chief Operating Officer, the company has appointed Pablo Perez- Fernandez. Fernandez holds a PhD in applied mathematics from the University of California at Los Angeles and has wide experience in financial technology and quantitative portfolio management. Meanwhile, George Onete, the newly appointed Group Chief Technology Officer, will be responsible for the implementation of the new and existing technologies at GlobalCapital. Subject to regulatory approval, Oruci-Bakalli, Fernandes-Perez and Onete shall respectively act as Chief Finance Officer, Chief Operations Officer and Chief Technology Officer of the Group's regulated subsidiaries GlobalCapital Life Insurance Limited, GlobalCapital Health Insurance Agency Limited and GlobalCapital Financial Management Limited.