TIMELINE
1986: Controlling stake in Melita Bank (Valletta) acquired by Istituto Bancario San Paolo.

Malta has historically been a crucial link between the southern member states of the European Community and the broader Mediterranean region.
To strengthen its presence in that region, in 1986 Istituto Bancario San Paolo acquired a 55% stake in Melita Bank, the only offshore bank operating in Malta; 50% was acquired from the Eni Group, and the other 5% from the Malta Development Corporation (MDC), a public body.