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Month: January 2025

BOV rings the bell at the Malta Stock Exchange

Posted on by Mel Chamber

Occasion marks Listing of €100 Million 5% Unsecured Subordinated Bonds 2029-2034

On Tuesday, 21st January 2025, Bank of Valletta (BOV) marked a significant milestone with the listing of its €100 million 5% Unsecured Subordinated Bonds (2029-2034) on the Official List of the Malta Stock Exchange (MSE), that took place on the 11th November 2024. The occasion was celebrated with the traditional ‘Ringing of the Bell’ ceremony, hosted at the MSE in Valletta.

A Historic Partnership with the Malta Stock Exchange

In his welcome speech, Joseph Portelli, Chairman of the Malta Stock Exchange, highlighted BOV’s longstanding partnership with the Exchange, noting, “Bank of Valletta’s shares were the first security to be listed on the Official List in 1992. Over the years, the Bank has demonstrated its commitment to the local market and its large shareholder base.”

BOV’s Leadership in the Market

Kenneth Farrugia, Bank of Valletta CEO, expressed gratitude for the strong market response to the bond issue, stating, “This €100 million bond, the largest ever to be listed on the Official List of the Malta Stock Exchange, was oversubscribed within days of its launch. This success underscores the trust that both institutional and personal investors place in the Bank and validates our strategic vision to strengthen capital and deliver long-term value for all stakeholders.”

He further emphasised BOV’s role as a key player in Malta’s financial sector and the Bank’s history of pioneering initiatives, including being the first Maltese company to list bonds on the Irish Stock Exchange.

Acknowledging the Team and Stakeholders

Present at the event were also Kevin Cardona, the Bank’s Chief Finance Officer, and members of BOV’s Capital Funding and Issuance  and Capital Advisory teams, who played pivotal roles in the successful bond issue. Representatives from the main stakeholders were also in attendance, including Camilleri Preziosi Advocates as Legal Counsel, and Rizzo Farrugia & Co (Stockbrokers) Ltd, and Calamatta Cuschieri Investment Services Ltd as joint sponsors. The event was attended by management and staff of the Malta Stock Exchange, who collaborated closely to bring this milestone to fruition.

Bank of Valletta’s €100 million bond issue further solidifies its position as a leader in Malta’s financial landscape, reflecting its unwavering commitment to innovation and excellence.

KYC Portal CLM and PwC United Kingdom (UK) and PwC Channel Islands (CI), “PwC”, announce Strategic Collaboration

Posted on by Mel Chamber

KYC Portal CLM, the leading no-code client lifecycle management (‘CLM’) platform, is proud to announce its strategic collaboration with PwC. This collaboration combines PwC’s global expertise in financial crime prevention, process management, and regulatory landscapes with the cutting-edge capabilities of KYC Portal to drive unparalleled value for organisations worldwide.

PwC has chosen KYC Portal as one of its preferred CLM platforms following thorough evaluation of various tools on the market. Through this collaboration, PwC has equipped itself with in-depth knowledge of KYC Portal CLM’s transformative features empowering their team with the ability to enhance operational efficiencies and regulatory compliance. Leveraging PwC’s renowned proficiency in FinTech, RegTech, and strategic process analysis, organisations can access an integrated solution to address their compliance challenges and align with their broader strategic goals.

“KYC Portal CLM is revolutionising the way organisations manage compliance, risk, and client lifecycle processes,” said Kristoff Zammit Ciantar, Founder & CEO at KYC Portal. “Through this collaboration with PwC, we are empowering companies with an unparalleled combination of technical excellence and strategic insight. We are extremely proud to have been selected by PwC for such a collaboration and are very excited to start presenting our combined service playbook to both existing and new customers.”

PwC’s comprehensive expertise spans financial crime frameworks, risk management, and operational optimisation. Paired with KYC Portal’s no-code flexibility and automation, this collaboration provides an opportunity for businesses to mitigate compliance risks while enhancing productivity, backed by top expertise in the market.

“With KYC Portal CLM, we are well-positioned to help organisations navigate the complexities of compliance with confidence,” said Mark Loring, Partner, Financial Crime Managed Services Lead, London PwC UK. “Our collaboration allows us to offer a seamless blend of strategic consulting and technical capability to support organisations in achieving their compliance and operational goals.”

This collaboration underscores both companies’ commitment to driving innovation and delivering exceptional client value in the ever-evolving regulatory landscape.

About KYC Portal CLM

KYC Portal CLM is the market-leading no-code client lifecycle management platform, designed to empower organisations with unmatched control and automation over compliance and onboarding processes. Launched in February 2017, the platform offers highly customisable workflows, risk assessment tools, and real-time dashboards to simplify complex compliance challenges. The company behind KYC Portal CLM is Aqubix Ltd, head quartered in Malta and having a sister company Finopz Ltd in London (UK). The company is today part of Mizzi Organisation, one of Malta’s largest leading group of companies who acquired 50% at the beginning of 2016 as part of our growth strategy.

The Malta Chamber and AIS Environment Ltd Sign Silver Collaboration Agreement to Promote Environmental Sustainability

Posted on by Mel Chamber

The Malta Chamber of Commerce, Enterprise, and Industry has announced a new milestone in its commitment towards sustainability by signing a Silver Collaboration Agreement with AIS Environment Ltd. This partnership seeks to enhance awareness and positive action on environmental sustainability, a key priority for many businesses and policymakers alike.

The agreement reflects the shared dedication of both organisations to fostering a greener and more sustainable economic future for Malta. Through this collaboration agreement, The Malta Chamber and AIS Environment Ltd seek to raise a business culture that views sustainable development as way of safeguarding investments and future earnings.

Commenting on the partnership, Chris Vassallo Cesareo, President of The Malta Chamber, stated that “environmental sustainability is not just a buzzword; it is a necessity for the resilience of businesses and the economy. This agreement with AIS Environment Ltd strengthens our commitment to equipping our members with the knowledge and resources needed to thrive while safeguarding our environment.”

AIS Environment Ltd, a leading consultancy firm specialising in environmental management and sustainable practices, brings over 30 years of experience and technical expertise to the partnership. This includes providing businesses with practical strategies for reducing their environmental impact, improving resource efficiency, complying with environmental regulations and expanding their business.

Senior environmental consultant at AIS Environment Ltd, Yasmin Schembri, emphasises the importance of this agreement. “In 2024, global temperatures exceeded the Paris Agreement’s 1.5°C benchmark, marking the hottest year on record. Concurrently, Malta dropped five places in the global climate change performance ranking. Such realities mandate urgent action across all economic actors. These challenges, along with the EU Green Deal’s ambitious targets, are leading to stricter regulations for the Malta Chamber and its members. The voice of the Malta Chamber is more important now than ever before.”
“AIS is proud to sponsor The Malta Chamber in its efforts to assist the Maltese enterprise and local industry overcome business threats brought about by environmental legislation and environmental degradation,” noted Mario Schembri, Managing Director at AIS Environment Ltd.

The agreement was signed by Chris Vassallo Cesareo, Nick Xuereb and Dr Marthese Portelli, President, Deputy President and CEO of The Malta Chamber respectively, and Mario Schembri, Managing Director at AIS Environment Ltd.

MBB EU-project to support manufacturers improve energy management and sustainability

Posted on by Mel Chamber

The Malta Business Bureau, together with its partners from eight other EU member states, has launched a LIFE funded EcoSMEnergy project, focused on promoting the uptake of energy audits and management systems to reduce energy consumption and costs.

The initiative specifically targets manufacturing SMEs across key sectors, including chemical manufacturing, pharmaceuticals, rubber and plastic products, metal products, electronics, electrical equipment, machinery and automotive manufacturing.

The EcoSMEnergy project aims to foster a holistic approach to sustainable energy management.  It provides SMEs with the knowledge and tools to effectively navigate the complex energy landscape through Energy Management Systems (EnMS), energy audits, training, and access to funding opportunities.

“SMEs operating within the manufacturing industry face the significant challenge of high energy consumption, leading to increased operational costs and emissions,” explained Mario Xuereb, CEO of MBB. “EcoSMEnergy guides them towards long-term competitiveness by showcasing energy-efficient technologies and streamlining access to funding.”.

Project Highlights:

  • Implement energy efficiency measures with expert business support.
  • Learn to monitor and optimize energy use through training and e-learning on Energy Management Systems.
  • Access funding opportunities to invest in sustainable energy solutions.

By empowering SMEs to become more energy-efficient, EcoSMEnergy directly supports the EU’s mission to reduce energy consumption and achieve climate neutrality by 2050.

EcoSMEnergy is a collaborative initiative, implemented by Eurochambres (Belgium – Lead), Malta Business Bureau, Chamber of Commerce and Industry (France), The Official Chamber of Commerce, Industry, Services and Navigation of Barcelona (Spain), University of Brescia (Italy), Estonian Chamber of Commerce and Industry (Estonia), Latvian Chamber of Commerce and Industry (Latvia), Cyprus Chamber of Commerce and Industry (Cyprus), Cyprus Energy Agency (Cyprus), EWI Energy Institute for Business (Austria), SEnerCon GmbH (Germany) and EKODOMA (Latvia).

For more information, click here.

The Malta Chamber Welcomes Labour Migration Policy as a Positive Development

Posted on by Mel Chamber

Transparency, Efficiency and Enforcement are Key

The Malta Chamber acknowledges the recently launched Labour Migration Policy as a significant step forward in addressing Malta’s workforce challenges. The policy includes several recommendations that align with The Malta Chamber’s vision for sustainable economic development. For the policy to be effective the labour market must be strengthened through a reduction in public sector employment, more incentives for upskilling and reskilling, and more support for investment in digitalisation to improve productivity. All policies need to be aligned and fully integrated into the Malta Vision 2050, to ensure a holistic and long-term strategy for the nation’s workforce and sustainable economic growth.

While The Malta Chamber agrees with many aspects of the policy, there are certain recommendations that require clarification and adjustment to ensure their effective implementation. These include:

  1. Minimum Termination Rates Per Firm: The recommendation concerning minimum termination rates per firm requires more clarity regarding the determination of employer workforce size. For example, it is not clear how termination rates will be calculated in the case of companies operating under a group structure. Another example that requires further clarity is with respect to termination during the probation period as well as terminations prior to the expiry of a fixed term contract, whether it is a termination by the employer or a resignation by an employee. The seasonality experienced by certain sectors must also be taken into consideration – a one-size fits all approach is not possible. One must also carefully identify those other sectors and specializations which, like healthcare (as duly mentioned in the policy), constantly experience significant and persistent shortages – these need to be pulled out of the one-size fits all approach.
  2. Eligibility for Additional TCNs Based on Workforce Percentage: The policy indicates that employers’ eligibility to apply for additional Third Country Nationals (TCNs) should be determined by a fixed percentage of their workforce. The Malta Chamber seeks clarification on whether this workforce size includes only direct employees or if it also encompasses subcontracted workers through temping or outsourcing agencies. Furthermore, it is understood that temping agencies and outsourcing agencies will be subject to the same criteria applicable to all the companies which do not fall under any special category or exemption. More details on how this criterion will be applied specifically to temping agencies and outsourcing agencies is required.
  3. Seasonal Work Permits: The Malta Chamber suggests introducing seasonal work permits with multi-season renewal options. This would be beneficial to both companies and employees. Companies would benefit because recruitment overheads would decrease whereas employees would benefit from employment security and longer-term employment.
  4. Prioritizing Maltese and EU Nationals: While The Malta Chamber supports the recommendation that employers prioritize hiring Maltese and EU nationals before considering TCNs, one must also acknowledge that, as already highlighted above, certain industries face persistent shortages of local and EU workers. The Malta Chamber recommends revisiting the proposed bands to address this reality While a specific threshold or target is necessary to ensure fairness and balance, the approach must remain flexible enough to account for industry-specific challenges and workforce availability.
  5. Study to Determine Market Wage Rates: Transparency is important when conducting a study to determine wage rates. The results of such studies, along with the methodologies used, should be made public to guide market operators effectively. Additionally, The Malta Chamber suggests assessing wage adequacy with respect to the output expected, as well as to identify, analyse and address other externalities which eat away at the take home pay, such as the high rental prices, regardless of the type of occupation.
  6. Authorities establish tailored MOUs with other countries: The Malta Chamber supports the establishment of Memoranda of Understanding (MOUs) with other countries to facilitate labour migration. This initiative should benefit those companies that operate ethically and have a proven track record of doing so – this should also be applicable to recruitment, temping and outsourcing agencies. Exploitative practices in this sector are the result of years of lack of inadequate regulation regulating outsourcing and temping. Professional private recruiters have consistently highlighted the need for regulation and have been proactive in sourcing top talent ethically. Temping and outsourcing agencies have only started being regulated very recently, after repeated requests by The Malta Chamber to address the issue.

Transparency Efficiency and Enforcement are Key

The Malta Chamber believes that the success of the Labour Migration Policy depends on three crucial components: transparency in recruitment and data, along with efficiency and enforcement. Without these measures, and unless it is integrated into Malta Vision 2050, the policy will not achieve its full potential. The Malta Chamber insists that any abusive behaviour from both employers and employees should be addressed and brought to justice without any delay.

The Malta Chamber remains committed to working with Government and all stakeholders to ensure that the Labour Migration Policy achieves its objectives, supporting a sustainable and inclusive economic future for Malta.

HSBC Malta Supports St Vincent De Paul Dementia Centre with Essential Equipment Donation

Posted on by Mel Chamber

St Vincent De Paul Residence (SVPR), has received a significant boost from the HSBC Malta Foundation through the donation of essential equipment aimed at enhancing the quality of care for its residents. As part of its commitment to supporting the community, HSBC Malta’s Corporate Sustainability Department has donated a public address (PA) system and wireless headphones to the Dementia Activity Day Centre at SVPR.

The equipment, which is already being utilised by the staff and residents, is set to play a pivotal role in the Centre’s daily activities. St Vincent De Paul Residence is one of Malta’s largest care homes, providing comprehensive services for the elderly, including specialised care for individuals with dementia. The Dementia Activity Day Centre at SVPR is designed to offer therapeutic activities and support for residents, enhancing their quality of life in a safe and caring environment.

The PA system will be used to facilitate announcements, organise activities, and foster better communication within the Centre. The wireless headphones, designed for individual use, will provide residents with the opportunity to engage in therapeutic and recreational activities, such as listening to music, which is known to have a positive impact on cognitive and emotional well-being.

Speaking about the donation, Michel Cordina on behalf of the HSBC Malta Foundation, said: “At HSBC, we believe in making a meaningful impact in the communities we serve. Supporting St Vincent De Paul and its exceptional staff is a testament to our commitment to enhancing the lives of vulnerable groups through thoughtful and practical initiatives. This initiative is part of our ongoing efforts to contribute to the well-being of the community, particularly in areas that promote inclusion and enhance quality of life for vulnerable groups.”

The equipment has made a tangible difference in enhancing the daily lives of residents and supporting the Centre’s dedication to compassionate care. Jorgen Souness, Chief Executive Officer at SVPR said “We express our sincere gratitude to the HSBC Malta Foundation for its generous contribution to our Dementia Activity Day Centre. The provision of essential equipment greatly enriches the quality of life for our residents, allowing us to offer more engaging and impactful therapeutic activities. At St Vincent De Paul, we remain steadfast in our commitment to delivering the highest standard of care to our elderly residents, and this donation exemplifies the vital role of community partnerships in advancing this mission. We look forward to further collaboration with HSBC Malta to enhance the well-being of those entrusted to our care.”

HSBC Malta remains dedicated to its corporate sustainability goals, focusing on initiatives that foster inclusion, health, and well-being within the community. This donation reflects the bank’s ongoing collaboration with organisations like SVPR to address the needs of vulnerable groups and promote a more inclusive society.

PwC Malta announces the appointment of 3 new partners

Posted on by Mel Chamber

PwC Malta is pleased to announce the appointment of Joanne Saliba, Michael Borg and Eric Mackay as Partners within the Assurance, Tax, and Advisory service lines, respectively. These appointments came into effect as of 1 January 2025. Each of these individuals brings a wealth of professional experience and expertise, having participated in and led numerous local and international projects.

“I am proud to welcome these exceptional professionals to our expanding team of partners. As our firm continues to grow, and the nature of our services continue to be multi-disciplinary, it is essential that we empower talented individuals to ensure that the firm continues to meet the needs of its clients. I have no doubt that Joanne, Michael and Eric possess the skill and dedication needed to help our clients navigate both local and global challenges and opportunities with integrity, objectivity, and professional confidence, fostering trust within our firm and the broader community,” remarked David Valenzia, Territory Senior Partner at PwC Malta.

Meet the new partners

Joanne Saliba

Joanne joined PwC Malta in 2002 after graduating from the University of Malta and has since built extensive experience in assurance services, with a particular focus on asset management clients. Throughout her tenure, she has successfully led audit teams, guiding them through complex projects while fostering a culture of collaboration and continuous improvement. As Certified Public Accountant
and a fellow member of the Malta Institute of Accountants, Joanne has also expanded her expertise through international secondments to PwC Washington and PwC Milan, gaining valuable insights and experience in global audit practices.

Michael Borg

Michael joined PwC Malta in 2008 while pursuing a Masters in Business Administration. He is a Chartered Public Accountant and Certified Auditor, and a member of both the Malta Institute of Accountants and the Malta Institute of Taxation. With a diverse background that includes five years in the assurance practice before transitioning to tax and legal services, Michael has been managing a large portfolio of Maltese and international clients, providing comprehensive direct and indirect tax compliance and consulting services. His extensive experience includes managing Tax Due Diligence projects, VAT Health Check assignments, and assisting with VAT and Corporate Tax investigations.

Eric Mackay

Eric holds a Bachelor of Commerce and a Bachelor of Accountancy (Honours) from the University of Malta. He is a Chartered Financial Analyst (CFA), a Certified Public Accountant, and a member of the Malta Institute of Accountants. Since joining PwC Malta in 2011, Eric has assisted clients in the asset management, banking, energy, manufacturing, FMCG, hospitality, and telecommunications sectors with various advisory engagements within the Deals practice. Eric is also actively involved within the PwC network, with secondment experiences to PwC Italy in 2015 and to PwC Australia from 2018 to 2020, and ongoing project collaborations with various PwC network firms.

The Malta Chamber signs Bronze Collaboration Agreement with M. Demajo Group

Posted on by Mel Chamber

The Malta Chamber of Commerce, Enterprise and Industry is thrilled to announce the signing of a Bronze Collaboration Agreement with the M. Demajo Group. This partnership represents a shared commitment to strengthening Malta’s business environment, fostering sustainable growth, and encouraging innovative practices among local industries.

Through this collaboration, The Malta Chamber and the M. Demajo Group aim to drive forward initiatives that will support Maltese businesses in adapting to evolving market needs, enhancing their competitiveness, and embracing digital transformation. The M. Demajo Group brings decades of experience and a strong reputation to Malta’s business community, with resources and expertise that will contribute significantly to The Malta Chamber’s mission of advancing sustainable economic development.

“The Malta Chamber is delighted to welcome the M. Demajo Group as a Bronze Partner,” said Chris Vassallo Cesareo, The Malta Chamber President. “Their support will enhance our ability to provide resources, insights, and opportunities that empower Maltese businesses to excel in today’s dynamic landscape. This collaboration underlines our shared commitment to strengthening Malta’s economy and fostering a resilient, forward-looking business community.”

The Malta Chamber plays a pivotal role in shaping Malta’s economic landscape. As the leading advocate for businesses, the Chamber fosters a competitive environment and promotes sustainable growth through favourable regulatory conditions. Influencing policy and economic direction, The Malta Chamber ensures Malta remains attractive for investment. The M. Demajo Group is honoured to sponsor such an esteemed institution, recognizing the Chamber’s efforts in supporting businesses and driving economic progress. Through its advocacy, the Chamber nurtures a thriving business community, directly impacting the nation’s prosperity. “The Chamber’s dedication to supporting businesses and driving economic progress is essential for Malta’s continued success,” states CEO JJ Miceli Demajo. Sponsoring The Malta Chamber, the M. Demajo Group reaffirms its commitment to the Maltese business community, working together for a brighter future.

The agreement was signed by Chris Vassallo Cesareo, Nick Xuereb and Dr Marthese Portelli, President, Deputy President and CEO of The Malta Chamber respectively, and JJ Miceli Demajo, CEO of the M. Demajo Group.

Bov Bugibba and Ħal Luqa branches reopen with modern upgrades

Posted on by Mel Chamber

Branch in Ħaż-Żebbuġ closes for refurbishment

Following weeks of intensive work, the Bugibba and Ħal Luqa branches have reopened their doors to customers, offering a modern and refreshed environment designed to deliver customers a superior banking experience. These renovations underscore the Bank’s dedication to continually improve its facilities to meet the evolving needs of customers. Meanwhile our branch in the village of Ħaż-Żebbug has temporarily closed following a small fire that developed in the premises. Plans are now in place for a thorough renovation exercise that will results in a new modern branch providing customers with an elevated standard of service and facilities.

New Look for Ħal Luqa and Bugibba Branches

The newly-refurbished Ħal Luqa and Bugibba Branches now feature a contemporary design, including a new colour scheme aligned with the latest standards for the Bank’s refurbished branches. To better serve customers, both branches now include dedicated privacy areas, providing a comfortable and secure setting for confidential discussions. These spaces reflect the Bank’s commitment to ensuring the highest levels of discretion and client care. The Bugibba branch also introduced a new queue management system, designed to streamline service delivery, reduce waiting times, and improve the overall customer journey.

Throughout the renovation period, the Bank prioritised continuity of service from these locations. ATM facilities at both branches remained fully operational during the process, and nearby branches were available to assist customers, thereby minimising any inconvenience caused by the temporary closures.

Customers are encouraged to take advantage of the online appointment booking system for an even more seamless experience. By scheduling an appointment in advance, customers can reduce their waiting times and ensure timely service at their preferred branch. Both Bugibba and Ħal  Luqa branch are available as options on the system, making it easier than ever to plan a visit.

Ħaż-Żebbug Branch Temporary Closed

Following the minor incident experienced on the 28th December, the planned renovations at the Bank’s branch in Ħaż-Żebbug were brought forward to ensure the safety and comfort of both employees and customers. This thorough renovation will deliver the same modern and customer-focused improvements seen in other recently-upgraded branches. During the closure, customers are encouraged to use nearby branches at Rabat, Qormi and Siggiewi.  The closest ATMs are located in Rabat, Qormi, Siggiewi and Attard. For further information, to book an appointment, or to find specific BOV branches or ATMs, one may visit the Bank’s site.