14 - 20 March 2001

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12 financial institutions now operating in and from Malta

The number of financial institutions licensed to operate in and from Malta has been brought to 12, following the recent licensing of LB Factors Ltd and Medarea Forex Services Ltd.
LB Factors is a joint venture between First International Merchant Bank, a credit institution registered and licensed in Malta in terms of the 1994 Banking Act and Lasselsberger Group – Austria.
While the joint venture will undertake factoring activities, it will also be the first financial institution of this nature to be licensed in Malta. LB Factors has been licensed to undertake activities with non-residents of Malta in all currencies, except for the Malta Lira.
Meanwhile, Medarea Forex Services Ltd, a subsidiary of the Aquilina Group of Companies, has been licensed to undertake foreign exchange transactions and to offer money transaction services to both residents and non-residents of Malta.

The Business Times, Network House, Vjal ir-Rihan San Gwann SGN 07
Tel: (356) 382741-3, 382745-6 | Fax: (356) 385075 | e-mail: editorial@networkpublications.com.mt