National Development and Social Fund agreed to acquire 49.01% stake in Lombard Bank Malta p.l.c. (MTSE:LOM) from Cyprus Popular Bank Public Co Ltd on March 16, 2018. As per the terms National Development and Social Fund will acquire 21.651746 million ordinary shares. In 2016, Special administrator of Cyprus Popular Bank Public Co Ltd approved the disposal of Cyprus Popular Bank Public Co Ltd`s shares held in Lombard. Transaction is subject to approval by Malta Financial Services Authority, confirmation from the Director General(competition), Obtaining release of encumbrance over shares and obtaining a decree from the Central bank of Cyprus in its capacity as resolution authority ordering the disposal of the shares by Cyprus Ban to National Development and Social Fund. As on august 10, 2018, all conditions have been fulfilled. Investment Bank of Greece S.A. acted as financial advisor to Cyprus Popular Bank Public Co Ltd.