SRL - Scully Royalty's Merkanti unit agrees to acquire Sparkasse Malta

Scully Royalty's (NYSE:SRL) Merkanti Holding subsidiary agreed to acquire Sparkasse (Holdings) Malta Ltd. and plan to merge Merkanti Bank with Sparkasse Malta, creating an independent institution with total assets of ~EUR 1.1B (US$1.2B). The transaction will provide Merkanti with an increased scale and a broader service offering to pursue its strategy as a standalone merchant banking institution, furthering Scully's previously announced strategy to focus on its iron ore royalty interest while seeking to rationalize its industrial and merchant banking assets, Scully Royalty said in a statement. Last year, SA contributor Rational Expectations discussed Scully Royalty's (SRL) prospects for iron ore volume growth, dividends and disposals

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Scully Royalty's Merkanti unit agrees to acquire Sparkasse Malta