MeDirect Bank Malta

Last updated
MeDirect Bank (Malta) plc
FormerlyMediterranean Bank
Company type Public Limited Company
Industry Banking
Financial services
Founded2004 (2004)
HeadquartersThe Centre, Tigné Point,
Sliema
,
Malta
Number of locations
2 branches
Area served
 Malta
Key people
Michael Adrian Bussey (Chairman)
Arnaud Denis (Chief Executive Officer)
ProductsRetail Banking
Commercial banking
Investment Services
Wealth Management
BrandsMeDirect
Total assets €4,500 million (as of June, 2023) [1]
Number of employees
350 (2023)
Parent MDB Group Limited
Subsidiaries MeDirect SA/NV
Website www.medirect.com.mt

MeDirect Bank (Malta) plc (previously known as Mediterranean Bank) is a Maltese bank and financial services company with headquarters in Sliema. MeDirect is a pan-European retail digital challenger bank, with two main lines of business: WealthTech and specialised mortgage lending.

The Bank offers a wide range of services to retail and corporate clients, including, savings, investments, wealth management, lending facilities and daily banking services. MeDirect's branches are located within their headquarters in Sliema (Malta) and in Victoria (Gozo). [2]

MeDirect Bank (Malta) plc has a subsidiary bank in Belgium where it is licensed and operates a direct bank known as MeDirect SA/NV that provides online investment opportunities and other saving products to retail investors.

In 2023, the bank also launched its web and mobile platform in the Netherlands with a dedicated Dutch language website. [3]

MeDirect is Malta’s third largest banking group in terms of total assets. It has been designated in 2015 as a Significant Institution under the criteria of European Banking Supervision, and as a consequence is directly supervised by the European Central Bank. [4] Its Joint Supervisory Team includes staff of the ECB, the Malta Financial Services Authority and the National Bank of Belgium.

History

MeDirect Bank (Malta) plc started off as Mediterranean Bank in June 2004, becoming a fully licensed Maltese credit institution a year later. [5] Its headquarters and sole offices at that time were in Valletta. In July 2009, the bank was acquired and recapitalised by AnaCap Financial Partners LLP, a UK private equity firm. [6] The bank was extended with new offices in central London, and grew both in Malta and abroad.

In 2010, Mediterranean Bank acquired a majority stake in Charts, [7] a Maltese stockbroking, wealth management and corporate advisory firm, completing its takeover after five years, and then fully incorporating the Charts trading licence in 2018. This enabled MeDirect to offer investment advisory services, as well as corporate broking services to local and international companies.[ citation needed ]

The bank grew in Malta, creating branches in Sliema and Gozo, and acquiring Volksbank Malta Limited in 2014. [8]

In 2014, MeDirect became Malta’s third largest bank. [9] It is directly supervised by the European Central Bank and by the Malta Financial Services Authority. Its head office is located at The Centre – Tigne Point, Sliema.[ citation needed ]

In 2021, MeDirect launched its home loans service in Malta, [10] The bank now offers mortgages in Malta, Belgium and the Netherlands with a total portfolio in excess of €2.2 billion.

In 2023, MeDirect Bank Malta launched its card services and hence entered the daily banking market. [11] As at 30 June 2023, the Group had a total of more than 114,000 customers who hold more than €4.5 billion in assets. [12]

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References

  1. ↑ "MeDirect's tech driven strategy delivers €10.1 million profit after tax in the first half of 2023". maltabusinessweekly.com/.
  2. ↑ "MeDirect branch operations". MeDirect. Retrieved 2023-05-04.
  3. ↑ "Company Announcement" (PDF). borzamalta.com.mt/.
  4. ↑ "List of supervised entities" (PDF). European Central Bank. 1 January 2023.
  5. ↑ "Five years in Malta – the Medbank experience - The Malta Independent". www.independent.com.mt. Retrieved 2019-06-26.
  6. ↑ "MEDIRECT BANK (MALTA) PLC (Malta) - Bank Profile, formerly Mediterranean Bank plc - Bank Profile". thebanks.eu. Retrieved 2019-06-26.
  7. ↑ "Mediterranean Bank plc acquires majority shareholding in stockbroking firm". Times of Malta. Retrieved 2019-06-26.
  8. ↑ "Mediterranean Bank completes €35 million Volksbank Malta acquisition". MaltaToday.com.mt. Retrieved 2019-06-26.
  9. ↑ "Mediterranean Bank Group is now Malta's third largest bank with equity of €170 million". Times of Malta. Retrieved 2019-06-26.
  10. ↑ "MeDirect Bank launches home loans in the Maltese market - The Malta Independent". www.independent.com.mt. Retrieved 2023-08-18.
  11. ↑ Grima, Mariam (2023-07-26). "Seven Reasons You Should Apply For This Ultimate Debit Card Experience!". Lovin Malta. Retrieved 2023-08-18.
  12. ↑ Newsroom, T. V. M. (2023-08-17). "MeDirect Bank reports profits of €10.1 million after tax". TVMnews.mt. Retrieved 2023-08-18.
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