According to the local newspaper Times of Malta, Mediterranean Bank is set to open a branch in Belgium.
The Maltese banking group, which provides wealth management services, had hitherto an online branch called Me Direct in the country.
Mark Watson, CEO of Mediterranean Bank, told the newspaper that the firm’s online branch had 11,000 customers with €350m in desposits.
“We believe that this is a better commercial proposition because our Belgian customers are more comfortable dealing with a local entity,” he said.
Mediterranean Bank will offer savings and wealth management services for investors with between €50,000 and €1m to invest. However, the Belgian branch’s operations will be mainly supported from Malta.
Watson also revealed that the group has plans to expand its business to other European countries.