The shareholders of Izola Bank have entered into a share purchase agreement with Azure Financial Limited, where subject to regulatory approval the latter will acquire 100 per cent of the bank’s issued share capital.

In an announcement on the Malta Stock Exchange, Izola Bank said that the transaction also provides for a €2.8 million capital injection into the bank by Azure through the subscription of newly issued shares, “which is expected to take place shortly following the signing and subject to regulatory and board approval."

In August the bank had said that it had received a number of binding offers from potential investors, and this latest news solidifies that one has now been chosen. 

The transaction also contemplates the group’s current owners retain an involvement in the bank. The transaction contemplates that, upon receipt of all required regulatory approvals and completion, the Van Marcke Group, which is the bank’s existing shareholder, will acquire a minority shareholding in Azure Financial Limited.

“This reflects the continued involvement of the bank's current shareholder in the future development of the bank alongside the new majority shareholder,” the bank’s statement read.

Azure Financial Limited is currently wholly owned by groupe Bricks SAS, a French-incorporated holding company and the parent undertaking of the Bricks group. Through its wholly owned operating subsidiary, Bricks SAS, the group operates a regulated digital real estate investment platform. In addition to its platform activities, the Bricks group is active across the real estate value chain through real estate origination, investment and asset management, property management, retail real estate operations and hospitality investments, the bank said.