Official Opening of new BOV offices at Centris Business Gateway

On Friday 27th October, Prime Minister Joseph Muscat inaugurated the new offices of Bank of Valletta on the 2nd and 3rd floor of Centris Business Gateway, Triq il-Palazz l-Aħmar, Mrieħel BKR 3000. 

Present for the inauguration were Mr Deo Scerri – BOV Chairman, Mr Mario Mallia – BOV Chief Executive Officer, Hon. Silvio Schembri, Parliamentary Secretary for Financial Services, Digital Economy and Innovation, representatives from the Bank’s Board of Directors and the Bank’s Management Board. 

In his brief address, Hon. Dr Joseph Muscat said, “The Centre we are inaugurating today is proof of the resilience of the financial services industry in Malta, and of Bank of Valletta’s strength. Though these offices will not be customer-facing, the people working here have an important role to play because they are actively involved in the regulatory environment that exerts significant pressure on this industry, and is onerous, not only in Malta, but across Europe.” Dr Muscat expressed his confidence that Malta’s reputation in the banking sector will continue to grow from strength to strength, because this is a resilient industry, and Bank of Valletta has an active role to play in the economy.”

The Bank’s Chairman said that these offices will be housing four functions, namely the Bank’s Risk Management Division, Compliance, Anti-Financial Crime and Debt Management Unit. “All of these units are of strategic importance, and have evolved from peripheral units into key units within the Bank’s organisation structure over the past years. Currently there are about 100 employees reporting here,” explained Mr Scerri. “The importance of these functions grew as the Bank was recognised to be of systemic importance, having a direct impact of the Maltese economy.” 

The Bank’s Risk Management function guides the Bank’s Management Board vis-à-vis its risk appetite framework, whilst being responsible for the on-going monitoring of the risk levels across a number of business areas with a view to retain a balance between efficient business generation and acceptable levels of risk. The Debt Management Unit is responsible to manage those facilities that show signs of deterioration with a view to managing the Bank’s non-performing loans and their speedy recovery. In a further bid to improve its controls, 2016 saw Bank of Valletta setting up a dedicated Anti-Financial Crime Unit, separate from its Compliance function, so that both areas could develop further their knowledge base, whilst ensuring they are well-equipped to meet regulatory challenges.

“Today’s event shows that the Bank is enhancing its efforts so that it ensures that an adequate balance is reached the Bank’s dual goal of developing the business and increasing profitability on the one hand, and maintaining strong capital buffers and monitoring risk on the other hand. The upcoming equity issue fits into the Bank’s long-term vision towards maintaining this balance, enabling BOV Group to continue servicing the Maltese economy whilst protecting the Group’s long-term sustainability,” concluded Mr Scerri. 

The Bank’s Chairman and the CEO thanked the employees for their hard work and dedication, claiming that they are the foundation of the Bank’s success