Izola Bank set to get new French shareholder

Izola Bank’s shareholder, the Van Marcke Group, will transfer its shares to French company Azure Financial Ltd for an undisclosed sum, once regulatory clearance is obtained.

In a company announcement on the Malta Stock Exchange on Tuesday, Izola Bank plc said its shareholders and Azure Financial Limited entered into a share purchase agreement that would see the latter acquire 100% of the bank’s issued share capital.

“The transaction also provides for a capital injection of €2.8 million into the bank by Azure Financial Limited through the subscription of newly issued shares, which is expected to take place shortly following signing and subject to regulatory and board approval,” the announcement said.

Izola Bank had announced back in April that its shareholders were holding discussions with various potential investors for the transfer of ownership. Last month, the bank announced that a number of binding offers were received.

The transaction contemplates that, upon receipt of all required regulatory approvals and completion, the bank’s existing shareholder, the Van Marcke Group, will acquire a minority shareholding in Azure Financial Limited.

“This reflects the continued involvement of the bank’s current shareholder in the future development of the bank alongside the new majority shareholder,” the announcement said.

Azure Financial Limited is currently wholly owned by Groupe Bricks SAS, a French-incorporated holding company and the parent undertaking of the Bricks group based in Montpellier.

Through its wholly owned operating subsidiary, Bricks SAS, the group operates a regulated digital real estate investment platform. In addition to its platform activities, the group is active across the real estate value chain through real estate origination, investment and asset management, property management, retail real estate operations and hospitality investments.

Completion of the transaction remains subject to obtaining all necessary regulatory approvals.

Izola Bank is wholly owned by the Van Marcke Group of Belgium, a family-owned company that is a plumbing and heating wholesaler in Belgium, and manufacturer and retailer of sanitary ware, laboratory furniture, and related products.

The Van Marcke Group established a banking arm to initially serve its own commercial needs, setting up Izola Bank in Malta in 1994. The bank, based in Valletta, eventually branched out to offer financing solutions for SMEs and large companies in Malta and Belgium, as well as savings accounts for personal deposits.