Lombard Bank to issue new shares

Lombard Bank Malta plc will be issuing new shares in the near future, the bank’s Annual General Meeting was told. 

The meeting considered and approved all resolutions on the Agenda, including also the Annual Report and Financial Statements, Reappointment and Remuneration of Auditors and Remuneration of Directors; a Bonus Share Issue and also authority for the directors to issue new shares.

The raising of fresh capital was intended for the Bank to proceed with extending its activities in line with its vision of becoming a more meaningful player in the local community.

The Bank returned a record Profit before Tax of €28.8 million, the main drivers being improved interest income streams and the recovery of a non-performing commercial loan.

The shareholders present at the Meeting approved all the resolutions with no abstentions nor votes against. The Bank expressed satisfaction at this outcome and in particular on that which authorises the directors to issue new shares, thereby allowing it to proceed with its plans for growth, in line with its strategic priorities.

Following the AGM, the Board of Directors of the Bank is made up as follows: Michael C. Bonello (Chairman), Graham A. Fairclough, Kimon Palamidis, Peter Perotti and Joseph Said. 

Furthermore, as announced by the Bank, the National Development and Social Fund (‘NDSF’), has, in terms of the Bank’s Articles of Association, appointed Mr Paul Abela and Dr John Bonello as directors of the Bank. They will take office as nonexecutive directors once regulatory processes are undertaken and relative approvals received.