On the 14 July 2005, the Malta Financial Services Authority, as the
Competent Authority responsible for the regulation and supervision of
credit institutions, in terms of the Banking Act 1994, issued a banking
licence to Mediterranean Bank plc. The bank is licensed to carry out the
business of banking, mainly through the provision of private wealth
management services.

The envisaged activities would consist in the provision of private wealth
management services to high net-worth individuals and corporate clients,
including portfolio management, accepting deposits and lending in
foreign currency.