CC Finance Group plc, the holding company of financial planning firm Calamatta Cuschieri, on Thursday announced that it is planning to open a branch in Italy, together with a number of other changes.
CC Finance Group holds various investments through subsidiary companies, operating in investment services, capital markets, online trading, wealth and fund management, as well as fund administration. In 2022, the group launched Moneybase, a mobile payment app that has been described as Malta’s first neobank. Last week, CEO Alan Cuschieri announced that the app has expanded its services by introducing business accounts.
The latest announcement came as part of a market update posted to the Malta Stock Exchange, with the company stated that its subsidiary, Calamatta Cuschieri Investment Services Ltd (CC), has successfully obtained authorisation to open a branch in Italy, with Milan chosen as the location.
Through the new branch, it seeks to offer financial advice and distribute financial products to “high-net-worth and affluent clients.” As a result, CC has appointed Fausto Bianco as Branch Manager, while Barbara Romiti has been named Operations Manager. The pair have over 30 years’ experience in investment advice and wealth management, together with a deep knowledge of the Italian market, the company stated.
Additionally, CC has also been authorised as a Tied Insurance Intermediary of IVALIFE, a life insurance firm based in Malta. Through this partnership, CC will be strengthening its financial planning offering by also offering pension and protection products to its customers, complementing investments and savings products.
While the group will seek to expand in Italy, it has also announced a series of changes in its structure, particularly given that CC Finance Group is now the 80 per cent shareholder of CCFS Holding Ltd, which in turn is the sole shareholder of CC Fund Services (Malta) Ltd.
It also confirmed that its Luxembourg operation, as was shared in a previous announcement, has been terminated, with the licence surrendered and CC Fund Services (Luxembourg) Sarl now dissolved. This is also planned to be the case for Moneybase UAB, the group’s Lithuanian subsidiary, which was originally set up to recruit specialist personnel in the finance sector. The subsidiary has been deemed no longer necessary, and hence a liquidation process has commenced, with this expected to be completed in the first half of this year.
As part of this wider restructuring process, CC Finance Group is also aiming to acquire Moneybase Holding Ltd in order for it to become a directly controlled and owned subsidiary of the company. Following this, Moneybase Holding will be merged with the company in a bid to “further consolidate and rationalise the group structure.”
CC Finance Group added that further updates to the market about its restructuring will be provided in due course.
Lastly, the company also announced that it has resolved to change its name from CC Finance Group plc to Calamatta Cuschieri Moneybase plc. This is being done with the aim to “further enhance and pronounce the staple and core brands and franchises” held within the group, and to also “better reflect the composition of the various business lines operated by and within the same company.”
The renaming process remains subject to approval by relevant authorities, as well as registration with the Malta Business Registry.
