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Month: November 2024

BOV promotes financial literacy and well-being with students

Posted on by Mel Chamber

Bank of Valletta’s BOV Club left a strong impression during this year’s Freshers’ Week, with a campaign that combined excitement, education, and purpose. This year, BOV focused on promoting financial literacy and well-being among students through engaging activities and competitions, attracting record participation and enthusiasm across campuses around Malta and Gozo.

BOV Club Bike Challenge – Pedal for a Good Cause

One of the highlights was the BOV Club Bike Challenge, held at University of Malta, MCAST, and Higher Secondary. Students cycled a total of 632km, meeting the campaign’s set target and leading to the donation of three bikes to St. Patrick’s School. Nearly 1,051 students took part in this challenge, reinforcing the spirit of giving back while staying fit.

“This initiative encourages students to challenge themselves physically, while also supporting a philanthropic cause,” said Daniel Magrin, Head of Marketing and Product Lifecycle Management at Bank of Valletta. Addressing the Challenge winners, he added, “Congratulations on your achievements. I urge you to stay physically, mentally, and financially healthy, and we look forward to supporting you in reaching your financial goals.”

BOV positions itself as Bank Of Choice for Youths

This year’s Freshers’ Week also saw a record number of students choosing BOV for their first bank account, also as a result of the simplified onboarding process introduced for students, thereby improving their customer experience. This reaffirms BOV’s role as the Bank of Choice among young adults in Malta. Almost 2,000 students engaged in the “Boss Up Your Financial Knowledge” financial literacy quiz, with 16 winners awarded a €100 Eurosport voucher each for achieving over 80% accuracy.

People & Culture Team Inspires Future Talent

BOV’s People & Culture team actively connected with students, promoting the Bank’s Student Programs that provide flexible and paid career experiences at MCAST, Junior College, Higher Secondary, and the University of Malta. These initiatives have become a cornerstone of BOV’s strategy to build a strong talent pipeline, with many students transitioning from part-time roles to full-time positions upon graduation. “At BOV students have a wealth of career opportunities across various functions. “We’re always on the lookout for top talent and eager students ready to make their mark and grow with us,” noted Ray Debattista, Chief People and Culture at the Bank.

Bank of Valletta remains dedicated to supporting young people on their academic and financial journeys, reinforcing the message that financial well-being starts early—and BOV is there to help every step of the way.

Digitalisation Boosts Governance, Transparency, and Streamlines Processes

Posted on by Mel Chamber

The collaboration between the Malta Business Registry (MBR) and The Malta Chamber of Commerce, Enterprise and Industry has resulted in improved communication and initiatives aimed at enhancing MBR’s services to the local business community.

MBR in collaboration with The Malta Chamber held a conference as part of SME Week 2024 under the auspices of the Ministry for the Economy, Enterprise and Strategic Projects entitled Business Empowerment.

MBR’s CEO and Registrar Dr Geraldine Spiteri Lucas explained that the, ‘Desk Officers are now more specialized which consequently led to streamlining guidelines, regulations, and requirements. The IT infrastructure has been strongly upgraded, leading to shifting services online as well as paving way for seamless integration between government agencies for the provision of standard documents and information within the limits allowed by the GDPR.” Dr Spiteri Lucas added that, “crucially, the effectiveness of communication is clearly demonstrated by allowing sufficient lead time before the implementation of new regulations. By conducting training seminars, we ensure that CSPs and practitioners are equipped with the necessary knowledge and tools for a swift adaptation to these changes.”

The President of The Malta Chamber Chris Vassallo Cesareo said that the integration of systems between government agencies to facilitate the provision of standard documents and information is a critical step toward eliminating repetitive, time-consuming tasks that drain resources and frustrate users. He insisted that, ‘’businesses need a cohesive ecosystem where data flows securely and efficiently across entities, minimising redundancy and creating value for all.”

During a fireside chat, moderated by Head of Media and Communication Strategist Rachel Bondi Attard, both MBR CEO Dr Geraldine Spiteri Lucas and The Malta Chamber CEO Dr Marthese Portelli emphasised that digitalisation doesn’t only contribute to better governance, transparency and accountability, but it also contributes to cleaner and more efficient processes. Dr Spiteri Lucas delved into MBR’s recent initiatives which strongly boosted digitalisation. The launch of the new online platform BAROS, Business Automation Registry Online System, introduced digital methods aimed at enhancing efficiency, such as the online submission of all types of company incorporations and other forms. Additionally, a call for tenders has been issued for the development of the Central Data Repository, an initiative intended to reduce unnecessary bureaucratic procedures. These initiatives align with MBR’s goal of promoting an entrepreneurial mindset, as seen in the recent launch of the self-assessment tool, which provides businesses with a free service to analyze their financial capability and seek help if necessary.

Dr Portelli emphasized that ongoing dialogue with the MBR is essential. “Maintaining open communication benefits not only the business community but also the country as a whole. At The Malta Chamber, we remain committed to providing input and support whenever needed. While we appreciate the MBR’s receptiveness to our feedback, we now look forward to seeing tangible implementation of the proposed measures,” said Dr Portelli.

Minister for the Economy , Enterprise and Strategic Projects Silvio Schembri said that during this month dedicated to businesses will serve as a forum for discussion so that as a Government we can pave and implement Malta Vision 2050.

’Vision Malta 2050 is not only about economic growth, but a plan to provide a better quality of life for everyone. The process has begun to establish strategic goals until 2035 that will lead Malta to a better future with clear goals and a long-term plan. This must be a vision of a country that looks at the needs of the people, quality jobs, sustainable growth, and national unity. Together we can build a stronger and more inclusive Malta. Above all, a strong country that, as announced in the budget, gives a better quality of life and creates that balance from which we really reap the fruits of the unprecedented economic growth that our country is experiencing. Vision Malta 2050 is our roadmap for the next 25 years, with key goals to be achieved in the next 10 years to ensure we stay on the right track’’ said Minister Schembri.
Minister for the Economy, Enterprise and Strategic Projects Silvio Schembri stated that this month dedicated to businesses will serve as a discussion forum for implementing Malta Vision 2050. This vision aims for economic growth and improving quality of life. Strategic goals until 2035 aim to ensure sustainable growth, quality jobs, and national unity. As outlined in the budget, the vision seeks to enhance life quality, balancing economic growth with real benefits for all. This roadmap sets key goals for the next decade to keep Malta on track.

At the conference, a panel discussion led by MBR’s COO and Deputy Registrar, Ms Annalise Zammit, focused on the upcoming Corporate Sustainability Reporting Directive (CSRD). Panelists Mr Norbert Vella from PWC, Mr Mark Micallef from BNF Bank, and Dr Damian Paul Cassar from MBR discussed the implications of the directive in helping companies implement sustainability reporting.

The panel noted that while CSRD presents challenges, it also offers opportunities for enhancing sustainability practices and stakeholder engagement. By approaching compliance strategically and collaboratively, organizations can lead in sustainability within their industries.

The conference also commemorated the 60th Anniversary of Malta’s Companies Act, which has evolved with EU directives and digitalization over time. This milestone was celebrated with a documentary featuring past registrars, academics, and MBR employees who have contributed to its development.

TradeMalta Facilitates Maltese Companies’ Participation at Libya Build Benghazi

Posted on by Mel Chamber

TradeMalta is proud to announce its successful coordination of the Malta Pavilion at Libya Build Benghazi 2024

This event marks the return of Maltese companies to Libya Build for the second edition this year, held from the 4th to 7th November 2024, at the Sidi Faraj Exhibition Centre, Benghazi.

Libya Build has established itself as the premier event for the building, design, and construction sectors in Western Libya.  The exhibition hosted over 200 companies, serving as the foremost destination for industry professionals, experts, buyers, distributors, and key decision-makers from the public and private sectors.

Five Maltese companies exhibited, seizing the opportunity to forge new connections and explore potential partnerships. They showcased their expertise with a diverse array of offerings, including the manufacturing of high-grade materials, manufacturing, and assembly of electrical, plumbing and drainage systems, manufacturers of low voltage electrical cables, manufacturing of plastic components and door designs,

Anton Buttigieg, CEO of TradeMalta, commented, “Libya Build Benghazi 2024 has been a remarkable platform for Maltese companies to showcase their innovation and expertise. Our participation highlights the strength and versatility of Maltese businesses in the international arena. We are committed to fostering these opportunities and driving economic growth through strategic international engagements.” – Anton Buttigieg, CEO of TradeMalta

HSBC Malta Foundation brings environmental awareness to middle schools with ‘Djamanto’

Posted on by Mel Chamber

HSBC Malta Foundation is proud to announce its support for Djamanto’, an engaging and thought-provoking play that will be performed in middle schools across Malta in October and November. This initiative reflects the Foundation’s commitment to environmental education and its aim to inspire a greater sense of responsibility and awareness among younger generations.

‘Djamanto’ tells the story of one individual’s journey towards an awakening, highlighting the deep connection between humanity and the natural world. The narrative focuses on how our actions, both big and small, impact the environment and emphasises the importance of reflection, awareness, and hope through being creative to get better results. Through its powerful message, the play invites audiences to envision a healthier and more beautiful future where sustainability is at the forefront of human decisions.

The play will be staged at various educational institutions, including St Margaret College Cospicua Middle School, St Nicholas College Rabat Middle School, and St Thomas More College Tarxien Middle School, among others. The HSBC Malta Foundation aims to reach hundreds of students across the island, encouraging them to engage with themes of sustainability, environmental stewardship, and social responsibility through the art of storytelling.

“At HSBC Malta Foundation, we believe that engaging young minds through creative and educational projects like Djamanto’ is crucial to fostering a culture of sustainability from an early age,” said Geoffrey Fichte CEO at HSBC Bank Malta. “We are committed to supporting initiatives that not only educate but also inspire future generations to take action and be proactive in caring for our planet.”

The support for Djamanto’ is part of HSBC Malta Foundation’s broader efforts to champion initiatives that contribute to community development, financial literacy, and environmental sustainability. By backing projects like this, the Foundation hopes to continue making a meaningful impact in the lives of Maltese youth and to promote the importance of environmental consciousness as a core value in schools across the nation.

The Malta Chamber Once Again Calls for Stronger Ethical Standards in Government Appointments

Posted on by Mel Chamber

Leniency should not be the order of the day

The Malta Chamber of Commerce, Enterprise and Industry expresses deep concern over recent revelations regarding Government appointments that disregard both merit and the ethical principles expected of public office. There is a disturbing trend of leniency and disregard for standards, which compromises the principles of meritocracy and transparency that are essential for good governance.

In December 2021, a report of the Standards Commissioner led to a Minister’s resignation over a breach of ethical standards, whereby a €15,000 public contract was awarded to an unqualified personal acquaintance. This incident illustrated the necessity for strict adherence to ethical codes, particularly concerning ministerial conduct and the responsible use of public funds.

In the same period, another appointment, recently brought to light, saw the then-girlfriend, now wife, of a different Minister secure an eight-month, €68,000 p.a. role within the Ministry for Gozo—a position for which she was neither qualified nor deemed competent. This engagement was justified by the Minister as complying with the Manual of Resourcing Policies and Procedures, yet such comfort in technical adherence reveals a troubling gap in our ethical framework. The verbatim interpretation of the Ministerial Code of Ethics by the current Standards Commissioner did not consider personal relationships outside of marriage within its scope, thereby overlooking the spirit in which these guidelines were created. The spirit of ethical governance mandates transparency and prioritizes qualifications over personal affiliations, something The Malta Chamber strongly advocates for across all sectors.

The Prime Minister’s acceptance of an apology as sufficient response to this matter only deepens our concerns. Being lenient on such breaches of trust is incompatible with the ethical standards expected for good governance and weakens public faith in our institutions. When standards are inconsistently enforced or diluted, public confidence in Government diminishes, and the values of meritocracy and fairness are undermined. In the private sector, high ranking officers in serious companies are held to high standards of accountability—an apology alone is not sufficient in cases of ethical misconduct. The same, if not higher, standards should apply to those entrusted with public office.

The Malta Chamber has long spoken about these principles. In 2022, a comprehensive document titled, “A Strong Transparency, Accountability and Ethical Governance Framework for Members of Parliament” was issued. This document advocates for stricter guidelines to address issues of nepotism, favouritism, and abuse of power in Government appointments. It is our firm belief that laws and regulations should serve as ethical guidelines rather than to provide loopholes to justify improper behaviour. Governance frameworks must be robust enough to hold public officials fully accountable and to deter abuse of power.

In every Ministry and public entity, it is crucial to ensure that appointments and public contracts are awarded based on merit, qualifications, and a genuine commitment to public service, not personal connections. This approach preserves the credibility and integrity of public institutions and ensures diligent use of taxpayer funds.

The Malta Chamber calls upon the Government to take immediate, meaningful action to reinforce the ethical standards governing ministerial conduct. We urge the Prime Minister and all public officials to treat such breaches with the seriousness they deserve, to reestablish confidence in public institutions and provide the reassurance that Government truly values transparency, meritocracy, and ethical governance.

BOV awarded FHRD Quality Mark for HR Excellence

Posted on by Mel Chamber

Bank of Valletta proudly announced that it has been awarded the prestigious Foundation for Human Resource Development (FHRD) HR Quality Mark, a recognition of excellence in human resources management. The award was presented to Ray Debattista, the Bank’s Chief People and Culture Officer, during the FHRD Annual Conference, attended by 650 HR professionals from across Malta and Gozo.

The FHRD HR Quality Mark highlights the professionalism, competence, and contribution of the HR function within organisations. This achievement reflects the Bank’s commitment to being an Employer of Choice through its strategic approach to leadership development, employee engagement, and overall well-being. In this respect, the Bank’s HR practices were evaluated based on six key pillars, namely Strategy, Talent, Engagement, Career, Efficiency, and Relations.

Over the past months, the Bank has been implementing a number of initiatives focusing on fostering a culture of continuous learning, supporting self-development, and prioritising employee physical and mental health. The Bank’s efforts also include initiatives on building strong leadership, enhancing talent management, and offering financial security through a voluntary occupational pension scheme, to which the Bank matches the annual contribution of every employee up to EUR2,400 p.a.

“Receiving the FHRD HR Quality Mark is a significant milestone for us,” said Ray Debattista. “It is a testament to our dedication to creating a positive and thriving environment where our employees can grow, develop, and achieve their full potential. This recognition reinforces our commitment to setting the standard for excellence in human resources, and we will continue to innovate and lead in building a workplace that supports and empowers our people.”

“We are pleased to recognize Bank of Valletta with the FHRD HR Quality Mark. Their comprehensive approach to enhancing employee engagement, development, and inclusivity stood out during the evaluation process, and they serve as an example of best practices in HR management,” remarked Noel Debono, President of FHRD.

Bank of Valletta remains dedicated to maintaining high standards across all aspects of its operations, ensuring that its employees are at the heart of its success and future growth.

TradeMalta launches Global Growth Programme 2025

Posted on by Mel Chamber

TradeMalta, in collaboration with HSBC Malta, has recently launched the Global Growth programme 2025, an initiative tailored for seasoned exporters with a clear vision and strategy for international expansion.

The Global Growth programme offers a comprehensive suite of support for selected companies. These businesses will have the opportunity to travel abroad to engage with potential clients, participate in international fairs and conferences, and receive assistance in designing, developing, and translating international marketing materials.

Additionally, they can benefit from the development and SEO optimisation of their company websites for targeted markets, undertake thorough international market research, engage business development partners in specific target markets, and even host potential clients for brief visits in Malta.

A competitive call for applications is currently open.  Applications for activities planned for calendar year 2025, will be accepted till Saturday 30 November 2025.  Successful applicants will be eligible for co-funding of up to 50% of approved expenses, with a generous cap set at €10,000.

The Global Growth programme is a testament of TradeMalta’s dedication to supporting Malta based business in their export journey. 

Malta-based businesses are encouraged to apply for Global Growth 2025 by following this link.  For further information please contact TradeMalta on Tel: 22472400 or send an email to info@trademalta.org

The Malta Chamber signs MOU with UCCI

Posted on by Mel Chamber

A Memorandum of Understanding was signed between The Malta Chamber and the Ukrainian Chamber of Commerce and Industry (UCCI) during a virtual meeting.

The signatories on both sides were President Chris Vassallo Cesareo and President Gennadiy Chyzhkov.  Dr Stefano Mallia, President of the Employers Group at the European Economic and Social Committee facilitated this meeting and witnessed the signing. 

The MoU underlines the principles of mutual support and solidarity between the two Chambers and constitutes a first step in the further intensification of exchanges between respective members. 

President Chyzhkov conveyed his appreciation to The Malta Chamber for its openness in taking these plans forward and explained that despite the very difficult situation on the ground, the UCCI remains committed to the strengthening these institutional relations.

BOV announces profit before tax of €223.7 million

Posted on by Mel Chamber

The Bank of Valletta Group has just announced a strong and sustained financial performance for the nine months ending September 2024, with a profit before tax of €223.7 million, up by 36.9% over the same period last year. This positive performance is the result of the continuous expansion of loan portfolios, a drive to improve and diversify net fee and commission income, as well as the Bank’s continued focus on its balance sheet optimisation strategy.

The Group’s operating income increased from €315.9 million to €359.2 million compared to the same period in 2023. This is reflected in a 14.5% rise in Net Interest Income and a 5.4% increase in Net Fee and Commission income over the same period in 2023. The credit portfolio has also shown consistent growth, resulting in a 9.1% increase primarily due to sustained growth across all segments including business loans, home loans and personal loans. The positive performance was also prevalent on the asset quality side, where the overall non-performing exposures ratio decreased to 2.8% of total balances, as compared to 3.1% in December 2023.

The investments book maintained an upward trend and increased to €5.9 billion as a result of the purchase of high-quality paper instruments, generating interest income of €92 million over the nine-month period under review. Most of these investments are measured at amortised costs, aligning with the Bank business model to hold securities until maturity to collect interest revenues. On the liabilities side, customer deposits increased by 1% since the beginning of the year, with the increase coming from both personal and non-personal customers.

When excluding strategy related costs, operating costs registered an increase of 4.0% compared to the same period in 2023, aligned with the Group’s efforts to prioritise talent, compensation and benefits, technological advancements and regulatory compliance. In this vein, operational efficiency continues to attract a high level of focus, with the cost-to-income ratio standing at 42.1%, which is 4% lower than the 46.1% achieved in the same period in 2023, driven by cost management and procurement excellence initiatives.

The Group’s liquidity remains well above the minimum regulatory requirements, as do the Group’s capital ratios. Pre-tax Return on Average Equity stands at 22.5%, representing approximately an improvement of 3.8% over the equivalent number recorded in the same period last year. The net asset value per share at the end of the third quarter of 2024 stood at €2.4 per share as compared to €2.2 per share as at December 2023.

Sustaining BOV’s positive momentum – Dr Gordon Cordina, Chairman

BOV Chairman Dr Cordina expressed satisfaction on the Bank’s sustained performance. “Bank of Valletta has been on a positive trajectory for a good number of months. We have adopted strategies to ensure sustained growth in our core business areas, strengthening our balance sheet position, managing costs, improving operational efficiency, while focusing on customer centricity and sustainable growth. These results follow the recent announcement of an interim cash dividend of €0.0924 gross per share, as well as the €100 million 5% unsecured subordinated bond issue that closed within 2 days of launch following overwhelming response by investors.”

Speaking about the economic scenario, Dr Cordina commented, “The latest economic statistics and forecasts point to relatively benign conditions in Malta, with positive effects on the Bank’s business development initiatives and the quality of its assets. Looking forward, the Bank will continue to sustain economic growth within a wider development context of increasing productivity and investment in ESG dimensions, which are fundamental for longer-term business competitiveness and credit quality”.

Delivering strong financial and operational results – Kenneth Farrugia

CEO Kenneth Farrugia commented, “These results reflect the Bank’s efforts towards sustained growth and progress. We have continued to invest in technology, business process reengineering and above all, the customer experience, as part of our medium-to-long term transformation strategy. BOV has also made considerable progress in its ESG journey, setting ambitious emissions reduction targets, aligning with the latest reporting standards, and taking the leading role in influencing local businesses to transition to green. We have also been active on the personal front, with the launch of our Green Home First and Green Home Plus loan products.

Looking ahead, the Bank remains strongly committed to adapting its business and operational model to market dynamics, continue driving innovation across products, services and processes and foster an organisation-wide culture of service excellence. All these initiatives will enable the Bank to strengthen its focus on stakeholder value, customer centricity and operational efficiency, and equally sustain its performance in the years ahead of us.”

Both Dr Gordon Cordina and Kenneth Farrugia thanked customers, shareholders, and employees for their continued support and commitment to the Bank as it supports the growth and development of Malta’s economy and seeks to achieve its overarching goal of being the Bank of Choice and Employer of Choice in Malta.