Government buys 49% of Lombard using IIP fund

The Maltese Government has bought 49.01% of Lombard Bank shares by means of off-exchange using the National Development and Social Fund (NDSF).

The NDSF is a Government agency responsible for managing 70% of the money transferred from the Individual Investor Programme, or the Citizenship Scheme.

In a statement it was said that NDSF had no intention of exerting any influence on the operations of the Bank and this acquisition would not result in a change in control of the Bank.