“ECB approves MeDirect takeover by Banka CREDITAS…”

The European Central Bank has approved Czech-based Banka CREDITAS’s purchase of all shares in MeDirect, a subsidiary of MDB Group.

This approval follows a share purchase agreement reached in November 2024 between Banka CREDITAS and Medifin Finance Limited, MDB Group’s direct shareholder. Banka CREDITAS has confirmed it expects to finalise the deal in the coming weeks.

In August 2024, MeDirect’s parent company signed an exclusivity agreement with Banka CREDITAS, and by last month Acting Central Bank of Malta Governor Alexander Demarco said the acquisition was in its final stages.

Banka CREDITAS is part of CREDITAS Group, a privately owned investment company led by Czech entrepreneur Pavel Hubáček, with holdings in finance, real estate, and energy. Based in the Netherlands, the group has seen strong growth over the past decade.

Originally founded as a savings association, Banka CREDITAS became a fully licensed bank in 2017. Today it serves over 200,000 clients and has grown rapidly through acquisitions, holding assets of CZK 131 billion (€5.23 billion).

MIDI vows it is ‘doing everything in its power’ to repay €50 million bond

MIDI plc, the developer behind Tigné Point and Manoel Island, says it is “doing everything in its power” to repay a €50 million bond maturing in July 2026.

A key factor is its negotiations with Government over the “voluntary termination” of the Manoel Island concession, which would see the site converted into a public park. MIDI is seeking reimbursement for its investment, though the amount has not yet been set.

In its interim financial report, the company reiterated its “overriding objective is to recover in full the carrying amount of the net assets attributable to the Manoel Island project.” A portion of this recovery is intended for bond repayments.

Bondholders remain cautious, with insiders warning that an agreement must be reached by April “at the very latest.” A financial analyst, speaking anonymously, said both sides would be “walking a tightrope” if talks drag on until then.

“MIDI needs to file its financial statements by 30th April 2026. Even if they agree on a deal in the latter half of the month, it could lead to a delay in the publication of the results,” they explained, adding that such delays “would not exactly inspire confidence” in Malta’s bond market.

CEO Mark Portelli told WhosWho.mt that while the Government reimbursement is central, MIDI will also dedicate all proceeds from the Q3 Fortress Gardens project and property sales to bond repayment.

He noted that revenues from Q3 Fortress Gardens should return the company to profit after three years of losses. For 2025, revenue is forecast at €36.1 million, with profit before tax of €5.6 million. Additional inflows are expected from a new commercial block and asset sales.

As the interim report stated, MIDI “plans to meet its bond obligations, which are its paramount priority, through the projected net inflows from the Q3 residential development, other internal sources including planned sale of assets, and the reimbursement by Government of the carrying amount of the net assets attributable to the Manoel Island project.”

Mr Portelli concluded: “We are doing everything in our power to ensure that the bond is repaid on its due date.”

BOV establishes correspondent banking partnership with Bank of New York Mellon

Bank of Valletta (BOV) has established a new correspondent banking relationship with the Bank of New York Mellon Corporation (BNY), a leading global financial services provider.

The partnership enhances BOV’s offering by broadening access to US dollar cash clearing, complementing its existing correspondent arrangement with Citibank.

“Working with BNY strengthens our ability to provide clients with efficient and reliable international banking services. It also reflects our continued focus on enhancing customer experience through enhanced cash clearing access, brokerage and treasury-related services,” said BOV CEO Kenneth Farrugia.

BOV chairperson Gordon Cordina remarked: “The relationship with BNY, which involves meeting rigorous requirements to work with a leading global financial institution, is a testament to the strong financial standing and reputation that Bank of Valletta has built over the years. Apart from market confidence and shareholder trust, our performance has also been recognised by international credit rating agencies such as Fitch Ratings and S&P Global.”

Earlier this year, BOV also expanded its correspondent banking network through new partnerships, including UBS Switzerland, boosting its international payment capabilities in several non-eurozone European currencies such as the Swiss franc, Danish krone, Polish zloty, Hungarian forint and Czech koruna.

 

Malta Company Announcements:

Vilhena Funds SICAV plc

Vilhena Funds SICAV p.l.c. announces that the Twenty-Eighth Annual General Meeting of the Company was held at the Portomaso Suite, Hilton Hotel Malta, St Julians on Friday 29th August 2025 at 4:00pm. With reference to Company Announcement VIL263 published on the 5th August 2025, all the resolutions submitted for shareholder approval were approved.

Malta International Airport plc

The Company refers to the company announcement 435/2025 dated 5 August 2025 whereby it was announced that Mr Christian Schroetter, holder of Austrian passport no. U 2141102, has been appointed as Chief Financial Officer of the Company, with effect from 1 September 2025. He has also been appointed as a member of the Board of Directors.

HSBC Bank Malta plc

HSBC Malta Funds SICAV p.l.c. announces that an Annual General Meeting will be held on Friday 26 September 2025.

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