Since 2015, only one new banking licence was issued in Malta

Finance Minister Clyde Caruana has revealed that only one banking licence has been granted for a new bank to operate in Malta since 2015.

Responding to a parliamentary question, the Minister noted that other developments in the sector during this period have involved the takeovers of existing banks rather than the establishment of new ones.

The sole licence issued during this time was granted to Credorax Bank Limited on 9th June 2015.

In 2021, Credorax, rebranded as Finaro, ranked as the 12th largest bank in Malta, holding a market share of 0.61 per cent.

That year, it achieved a 16.57 per cent growth in total assets and stood out as the first profitable bank in Malta relative to its total assets, recording a 2.49 per cent return on assets.

Finaro further solidified its position in the industry in 2023 by entering into a €547 million acquisition agreement with Shift4, a US-based payments company.

The deal led to Finaro rebranding as Shift4, integrating under a unified brand.

Originally founded in 2008 by Benny Nachman as a financial technology startup in America, Finaro transitioned into a fully licensed bank, focusing on cross-border e-commerce payment solutions.