Month: June 2024

In a significant demonstration of its commitment to social responsibility, Bank of Valletta announced its support to Caritas by spearheading a complete overhaul and refurbishment of the kitchen and dining area of the men’s quarters at the San Blas Drug Rehabilitation Unit. The upgraded facilities will provide a more comfortable and welcoming environment for those utilising the men’s quarters, enhancing their overall well-being and quality of life as they journey through their rehabilitation program.

This initiative forms part of the Bank’s 50th-anniversary program and reflects the importance that the Bank attributes to the vulnerable members of our society.

The announcement was made during a visit to Caritas by Kenneth Farrugia, the Bank’s CEO, and Ernest Agius, Chief Operations Officer, who were welcomed by Anthony Gatt, Director at Caritas and his team. The visit was highly welcomed by the residents as they shared the plights that they are facing and how Caritas is proving to be invaluable in supporting them overcome these challenges.

Speaking about the initiative, the CEO highlighted the Bank’s longstanding commitment to giving back to the community. “We are extremely pleased to support Caritas in this important renovation project. Our support to Caritas, and other similar organisations, underscores our dedication to corporate social responsibility and the community that we service, as we continue to celebrate our 50-year history. This initiative and others of the same ilk reinforces our positioning as a caring Bank particularly when it comes to challenges being faced by the vulnerable members of our society.  This project builds upon an initiative undertaken a few years ago, that was also supported by the Bank, which saw the complete refurbishment of the men’s quarters. We hope that the upgraded kitchen and dining area will now provide a more welcoming and dignified space for the residents at Caritas, and I look forward to seeing such an important project come to fruition,” said Kenneth Farrugia.

Corroborating further, Ernest Agius emphasised, “I am incredibly proud of our team’s collective efforts and the impact of our longstanding CSR initiatives. This project underscores the strong corporate values of the Bank and reinforces our beliefs in the power and value of giving back to society. We are truly honoured to be part of this initiative and look forward to continuing to champion positive change through our community partnerships.”

Speaking at the end of the visit, Anthony Gatt said, “We are profoundly grateful for the unwavering support not only of Bank of Valletta as an institution, but also of its people who have always responded promptly to any call for help from our end. The kitchen has always been the heart of any household. Likewise, this project not only enhances the physical space of our rehab unit, but also symbolises a deeper commitment to improving the lives of those we serve. The Bank’s dedication to community welfare through its CSR program sets a remarkable example for corporate social responsibility, and we are grateful for this partnership which is supporting us in creating a more compassionate and inclusive society. All this is happening while San Blas is celebrating 35 years since it opened its doors and started offering renewed hope to hundreds who have participated in this rehabilitation programme.”

Additional digital services also enhanced

In a bid to continue refining the service it offers to customers, Bank of Valletta recently introduced further improvements to a number of customer-facing touchpoints across Malta and Gozo. These improvements provide more flexible solutions that positively impact the customer experience from the Bank’s branch network, while at the same time improving a number of digital services.

Enhanced Opening Hours from fourteen locations

During the past weeks, BOV introduced longer opening hours in a number of additional branches, bringing the total number to fourteen. Fgura, Marsaskala, Naxxar, Santa Venera, Qormi, Żebbuġ and Żejtun have been added to the other branches that already offered such services, namely Buġibba, Mosta, Paola, San Ġwann, Sliema, Victoria and Żurrieq.

All the branches offering extended hours accept different banking requests, including updating personal details, investments, home and personal loan applications, credit cards, account opening and other general queries except cashiering. This service is being offered every Thursday until 6 pm.

The largest fully functional ATM fleet across Malta and Gozo

Apart from recognising the importance that some of the Bank’s customers give to physical interaction, the Bank remains committed to upgrading and improving its existing ATM fleet, which is the largest fully functional fleet across Malta and Gozo offering both cash withdrawal and instant deposit-taking services, transfer between accounts, mobile top-up for all major mobile network providers in Malta and real-time statement and balance queries amongst other services.

Late last month BOV installed a new deposit-taking ATM in Xagħra, strengthening BOV’s presence in Gozo and bringing the total number of Bank ATMs to 94. Several important enhancements are also in the pipeline. The Bank is in the process of replacing 29 of its current ATMs with new, modern, and faster machines. In the medium term, the majority of the BOV ATMs will start accepting contactless technology, and the Bank also envisages gradually rolling out new ATMs that accept bulk deposits.

Online Booking System for all Branch Appointments

Following a highly successful trial period, an online booking system for Branches is now available across the Bank’s entire network. Through this booking system, customers who wish to make an appointment with any BOV Branch can do so easily and comfortably, without having to call or personally visit a branch.

The online booking system available through https://myappointment.bov.com offers many user-friendly and convenient features. It allows users to identify available time slots within the calendar of their preferred Branch, select the desired time, input details, and confirm the appointment. Users can also modify appointments made and set up automated notifications and reminders. The online booking system caters for appointments for all banking services including during the extended service on Thursday evenings.

Speaking about these enhancements, BOV’s Head of Personal Banking Channels, Mr Geoffrey Ghigo said “We recognise that some customers prefer the personal touch, while others prefer remote and online banking services. Our strategy for the current three-year period revolves around our customers and their preferences, through innovation across these various touch points. It is interesting to note that our ATMs currently process 62% of all ATM cash withdrawals and 42% of all ATM cash deposits in Malta. By enhancing our ATM network, extending opening hours and introducing innovative solutions, we continue to deliver on our promise to elevate the customer experience across all the Bank’s touchpoints, be it physical, digital or hybrid”.

Taking cue from May being Mental Health Awareness Month, BNF Bank rolled out several activities among its employees to strongly push the importance of physical, mental and emotional well-being.
Driven by its ESG Employee Wellness Pillar, the Bank’s human resources team crafted a series of events aimed at addressing different strands that contribute towards positive mental health, while pushing home the importance of being self-aware as a pivotal element in the individual’s understanding of their behaviour as part of their general wellbeing.

Staff attended an online talk about the importance of nutrition delivered by Antonella Grima, a public health specialist and registered nutritionist. The presentation was an interactive event through which employees were reminded of the benefits of nutrition and how what we eat greatly impacts our mental health.

Another insightful online discussion for staff was led by Patrick Psaila, managing partner, warranted psychologist and training consultant at PsyPotential. The talk offered practical tips and techniques to follow in one’s journey to wellbeing and the tools available that can enrich this journey and stay on track.
Others still took to the outdoors on a bright sunny morning for a rejuvenating fitness session aimed at connecting with inner vitality. Led by a BNF employee, Lara Sciberras, the class focused on physical awareness, stretching and working on muscles to stimulate and reinvigorate energy.

An event that was a resounding success was a visit to the offices from service dogs. The docile yet alert dogs provided therapeutic presence and petting these gentle animals gave everybody a sense of serenity and mindfulness. The therapeutic power of animals is well documented and hosting these special guests was a very welcome break in the working day.

And to keep the importance of good mental health top of mind, laptop lockscreens gave out regular empowering and thoughtful messages to encourage staff in their daily efforts at the desk.

Alison Grech, Head of Human Resources Management and Development Unit at BNF said: “Even with so much awareness out there of the importance of mental health, our busy lifestyles present constant challenges. We need to regularly stop to think about where we’re at in our mental health lifecycle. The activities we prepared were intended for this reason and served as reminders that our efforts towards this end should be constant, if we are to lead happy, balanced lives both at work and with our families.”

PwC Malta’s 5th edition of the Real Estate Survey, which was conducted towards the end of 2023, reveals that almost half of the respondents (Q4 2023: 49%; Q1 2023: 42%) indicate that they have plans to buy property.

Demand to rent property has dropped when compared to the last edition of the Survey, from 31% to 11%. Such decline is particularly evident in the younger demographic, suggesting that this cohort in the population is more interested in purchasing a permanent residency rather than renting property. Government incentives and regulatory developments are expected to further drive property ownership amongst young people. This is in line with recent data released by the National Statistics Office in 2023, which highlights that promise of sale agreements experienced a year-on-year increase of 9%.

The latest PwC survey indicates a decrease in the share of respondents who intend to purchase property as sole owners (Q4 2023: 51%; Q1 2023: 60%). Against this backdrop, published statistics indicate that young Maltese people are moving out of their parents’ home later when compared to other EU countries. According to the most recent local statistics, in 2022, the average age of people moving out of their family home was 30.1 years, compared to a European average age of 26.4 years.

In the context of an increasing awareness on sustainability, the survey registered a positive shift in the percentage of prospective buyers (Q4 2023: 70%; Q1 2023: 59%) who give weight to sustainability factors in their property purchase decision. Furthermore, whilst in Q1 of 2023 54% of respondents stated that they would not pay more for a property which has sustainability features, the latest results now indicate that 59% are willing to pay a premium for a property that carries such features.

The full results of the survey, which targeted a representative sample of residents and has a confidence level of 95% and a margin of error of 5%, can be accessed here.