MEDIRECT BANK (MALTA) PLC (formerly Mediterranean Bank plc)

Established in 2004, MeDirect Bank (formerly Mediterranean Bank) is a specialist bank, focusing on provision of savings products, and wealth management and investment services. In July 2009, Mediterranean Bank was acquired by a new shareholder - a fund managed by AnaCap Financial Partners LLP, a UK private equity firm, and was recapitalised.

Services

Retail Banking
Corporate Banking

Financials

Total Assets (2017)
2 200.27 mln EUR  (+21.43%)
Net Income (2017)
3.64 mln EUR  (-67.25%)
Number of Employees (2015)
263  (+5.62%)

In 2017 total assets of MEDIRECT BANK (MALTA) PLC were 2 200,27 mln EUR. In 2017 the bank's net income was 3,64 mln EUR. MEDIRECT BANK (MALTA) PLC had 263 employees in 2015.

MEDIRECT BANK (MALTA) PLC participates in deposit guarantee scheme of Malta. This scheme covers accounts up to 100 000 EUR per bank per depositor.

Contacts

THE CENTRE POINT TIGNE POINT, TPO0001, Sliema, Malta
25574000
25574900

MEDIRECT BANK (MALTA) PLC is headquartered in Sliema.

Bank Identifiers

BIC (SWIFT)
MBWMMTMTXXX
MFI ID
MTCIMEDI

Business Summary

Services
retail banking
corporate banking
Products
savings accounts
term deposit accounts
guarantees

MEDIRECT BANK (MALTA) PLC provides products and services in the areas of retail banking, corporate banking. The range of products offered by MEDIRECT BANK (MALTA) PLC includes savings accounts, term deposit accounts, guarantees.

Financial Positions

Total Assets (2017)
2 200.27 mln EUR  (+21.43%)
Total Equity (2017)
211.94 mln EUR  (+4.17%)

In 2017 total assets of MEDIRECT BANK (MALTA) PLC were 2 200.27 mln EUR. Growth compared to the previous period (2016) was 21.43%. The evolution of the total assets of MEDIRECT BANK (MALTA) PLC is shown at Chart 1 below.

Total Assets of MEDIRECT BANK (MALTA) PLC.

Chart 1. Total Assets of MEDIRECT BANK (MALTA) PLC.

Recent changes in total assets of MEDIRECT BANK (MALTA) PLC and its main components are shown in Table 1.

2016 2017 % change
Cash and deposits with Central Banks 28.2 49.7 +75.86%
Investments 1 030.0 884.7 -14.10%
Loans to banks 49.8 95.0 +90.53%
Loans to customers 614.8 1 107.6 +80.16%
Total Assets 1 811.9 2 200.3 +21.43%
Table 1. Recent changes in total assets of MEDIRECT BANK (MALTA) PLC (mln EUR).

Recent changes in total liabilities of MEDIRECT BANK (MALTA) PLC and its main components are shown in Table 2.

2016 2017 % change
Bank deposits 767.7 1 003.3 +30.70%
Customer deposits 762.8 857.8 +12.46%
Total Liabilities 1 811.9 2 200.3 +21.43%
Table 2. Recent changes in total liabilities of MEDIRECT BANK (MALTA) PLC (mln EUR).

Profit and Loss

Operating Income (2017)
40.13 mln EUR  (-21.67%)
Annual Profit (2016)
15.00 mln EUR  (+36.36%)
Net Income (2017)
3.64 mln EUR  (-67.25%)

Recent changes in gross profit of MEDIRECT BANK (MALTA) PLC and its main components are shown in Table 3.

2016 2017 % change
Interest Income 51.6 51.8 +0.45%
Interest Charges -28.0 -19.9 -28.87%
Net Interest Income 23.6 31.9 +35.20%
Net Commission Income 1.1 1.7 +59.78%
Commission Income 2.4 2.8 +15.04%
Commission Charges -1.3 -1.0 -21.56%
Table 3. Recent changes in gross profit of MEDIRECT BANK (MALTA) PLC (mln EUR).

In 2016 annual profit of MEDIRECT BANK (MALTA) PLC was 15.00 mln EUR. Growth compared to the previous period (2015) was 36.36%. The evolution of the annual profit of MEDIRECT BANK (MALTA) PLC is shown at Chart 2 below.

Annual Profit of MEDIRECT BANK (MALTA) PLC.

Chart 2. Annual Profit of MEDIRECT BANK (MALTA) PLC.

In 2017 net income of MEDIRECT BANK (MALTA) PLC was 3.64 mln EUR. Decline compared to the previous period (2016) was -67.25%. The evolution of the net income of MEDIRECT BANK (MALTA) PLC is shown at Chart 3 below.

Net Income of MEDIRECT BANK (MALTA) PLC.

Chart 3. Net Income of MEDIRECT BANK (MALTA) PLC.

Number of Employees

Number of Employees (2015)
263  (+5.62%)

In 2015 there were 263 employees of MEDIRECT BANK (MALTA) PLC. Growth compared to the previous period (2014) was 5.62%. The evolution of the number of employees of MEDIRECT BANK (MALTA) PLC is shown at Chart 4 below.

Number of Employees of MEDIRECT BANK (MALTA) PLC.

Chart 4. Number of Employees of MEDIRECT BANK (MALTA) PLC.

Market Share and Rank (among banks in Malta)

Total Assets (2016)
3rd (market share 6.96%)

In 2016 MEDIRECT BANK (MALTA) PLC was ranked the 3rd largest bank in Malta in terms of total assets, having 6.96% of the domestic market share.

Market share of MEDIRECT BANK (MALTA) PLC (among banks in Malta)

Chart 5. Market share of MEDIRECT BANK (MALTA) PLC (among banks in Malta)

Several banks having the market shares and ranks closest to MEDIRECT BANK (MALTA) PLC are shown below.

RankNameTotal AssetsMarket Share
2HSBC Bank Malta plc5697.40 mln EUR21.90%
3MEDIRECT BANK (MALTA) PLC1811.91 mln EUR6.96%
4FIMBANK plc1531.15 mln USD5.88%
 

Deposit Guarantee

Deposit Guarantee
Yes (up to 100 000 EUR per depositor)

Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.

All credit institutions operating in Malta are obliged to participate in Maltese deposit guarantee scheme.

In the case of MEDIRECT BANK (MALTA) PLC failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:

Covered Accounts  most types of deposit are covered, including current, deposit and savings accounts
Maximum Protected Amount  100 000 EUR
Paid In Currency  in the same currency as the deposit

Further Information

BIC

BIC (Business Identifier Code, also known as SWIFT code or SWIFT BIC) is a the mostly used international identifier of financial institutions. SWIFT is the registration authority for BICs. BICs are used in financial transactions, client and counterparty data bases, compliance documents and many others.

A BIC consists of eight or eleven characters, comprising a financial institution code (four characters), a country code (two characters), a location code (two characters) and, optionally, a branch code (three characters).

BIC of MEDIRECT BANK (MALTA) PLC and its components are shown in the table below.

BIC  MBWMMTMTXXX
Bank BIC Code  MBWM
Country Code  MT (Malta)
Location Code  MT
Branch Code  XXX

MFI ID

MFI ID (Monetary Financial Institution Identifier) is a code, unique to each institution in the MFI list provided by ECB (European Central Bank). MFI ID is hence applicable to MFIs resident in the European Union.

The code is alphanumerical, with the first two digits representing the two-digit ISO code for the country of residence of the MFI and the remaining number of digits (no limit has been specified) is any combination of alphanumerical characters.

MFI ID of MEDIRECT BANK (MALTA) PLC is shown in the table below.

MFI ID  MTCIMEDI

Domestic Presence

Branches (2015)

In 2015 MEDIRECT BANK (MALTA) PLC had 6 branches in Malta. The value didn't change compared to the previous period (2014).

European Presence: 2 banks in 2 countries

MEDIRECT BANK (MALTA) PLC operates under the brand name MeDirect Bank. This banking brand has presence in the following European countries and selected dependent territories of the European countries:

Belgium

Malta

  • (this bank) MEDIRECT BANK (MALTA) PLC (Sliema)