Bank of Valletta employees are continuing to make a real difference in the community, with 352 employees participating in over 30 volunteering initiatives between January and June in 2025. These efforts supported 12 NGOs working in the social and environmental sectors.
Earlier this year the Bank issued a call to NGOs, offering the support of volunteers under the BOV Corporate and Social Responsibility program. The response was extremely positive, with various organisations welcoming hands-on help for the daily activities they carry out in the fulfilment of their mission.
Among the NGOs supported over the past six months were Grow 10 Trees, AAA, Horse Lagoon Foundation, ACT Malta, Soup Kitchen, Din l-Art Ħelwa, Nature Trust, Caritas, BirdLife Malta, Żibel, the St Jeanne Antide Foundation, and Coast is Clear.
One of the standout moments was the participation of the Bank’s Executive Team at the Soup Kitchen. The team worked alongside other colleagues in the service of vulnerable members of society. “We’re proud of how our people continue to make a positive impact in the communities we serve,” said Kenneth Farrugia, CEO of the Bank. “Volunteering is a reflection of the Bank’s values, and when we roll up our sleeves and work together, we not only support those in need but also strengthen our own culture of unity and purpose.”
The Banks’ volunteering program was introduced as one of the benefits employees have to promote social responsibility and well-being through hands-on community involvement. It also contributes to team building, with employees from different functions and backgrounds coming together to support noble causes.
“Giving our people the space to contribute in a meaningful way through volunteering is part of our broader approach to a purpose-driven culture,” said Ray Debattista, Chief People & Culture Officer. “Volunteering fosters empathy, personal growth, and stronger team spirit. It is a win-win, for our people and for the community.”
Ernest Agius, Chief Operations Officer at the Bank added, “Volunteering brings people closer; it helps increase connection, collaboration, and the kind of shared purpose that drives change inside and outside the organisation. As we look ahead to the second half of 2025, more volunteering activities are being planned in response to the ongoing needs of local NGOs and communities.”
A business delegation made up of Malta-based private enterprises and government entities—primarily from the training and education sector—joined a high-profile business mission to Osaka, Japan, from the 14th to the 22nd of July led by TradeMalta. The mission took place in conjunction with Malta’s official participation at Expo 2025 Osaka, Kansai.
The initiative aimed to strengthen commercial ties between Malta, Japan and the rest of the world, serve an opportunity to promote bilateral cooperation, and explore new business opportunities with a particular focus in the field of training and education.
This trade mission coincided with Education Week at Expo 2025, themed “Learning and Playing”, which explored future-focused trends in education such as play-based learning, technology, inclusion, and cross-cultural exchange.
The business mission also took place during the celebration of Malta Day, at the Expo on 17th July.
Throughout the week, the Maltese delegation participated in several business fora, B2B meetings, and networking events hosted by the Osaka Chamber of Commerce and Industry and the Embassy of Malta in Japan.
A highlight of the programme was the Japan–Malta Business Forum, which took place on Friday, 18th July, where Hon. Dr Ian Borg, Deputy Prime Minister of Malta, delivered an official address.
The delegates also took part in a series of events at Malta’s Pavilion during Expo 2025, where they engaged with Japanese and other international stakeholders to promote Malta’s international profile in education, innovation, and enterprise.
The programme included one-on-one business meetings and follow-up engagements designed to lay the groundwork for future collaboration and market entry into Japan and the wider Asia-Pacific region.
TradeMalta encourages Malta-based companies interested in international expansion to get in touch with their ideas and plans. We look forward to offering guidance and resources to help turn their internationalization plans into successful endeavours.
The HSBC Malta Foundation has made a donation to the RISe Foundation to support Malta’s first rehabilitation and reintegration programme designed for female offenders. The donation funded the purchase of a vehicle that will play a key role in facilitating the programme’s daily operations and outreach efforts.
The van will provide residents with access to essential services such as education sessions, healthcare and therapeutic appointments, and community-based activities all of which are integral to their rehabilitation and reintegration journey.
Dr Paula Mamo, Deputy Chairperson for the HSBC Malta Foundation commented: “Rehabilitation is not just about reform – it’s about restoring dignity, unlocking potential, and creating safer communities. Through this donation, we are proud to support RISe Foundation’s pioneering work and the women who are determined to rebuild their lives with courage and purpose.”
Matthew Degiorgio, Education Coordinator at the RISe Foundation, expressed heartfelt appreciation for the support:”Your support not only helps us meet practical needs but also reinforces our belief in second chances. It empowers us to continue our mission of walking alongside individuals with complex, often traumatic pasts, and guiding them in reshaping their futures in ways that benefit both themselves and the wider community.”
Charlie Mifsud, Chairperson at the RISe Foundation highlights that “the female programme offers a structured and supportive environment for women nearing the end of their prison sentence, with a strong emphasis on comprehensive rehabilitation and reintegration to reduce the risk of reoffending. Without adequate support, those leaving prison face a much higher likelihood of returning to criminal behaviour, which can lead to further harm and pose risks to public safety.”
This initiative forms part of the HSBC Malta Foundation’s broader commitment to supporting vulnerable communities and fostering social inclusion across the country.
Etienne Scerri is the Executive Director of Silvercraft Products Ltd., Malta’s leading fiberglass composite manufacturers, his experience spans across various sectors including manufacturing, aviation, and pharmaceutical. As Chairman of the Malta Turkish Business Council (MTBC), he is dedicated to strengthening business, economic and cultural ties between Malta and Türkiye. Mr. Scerri also serves on the Manufacturing and Other Industries Economic Group within The Malta Chamber and is a founding partner in a spin off company for innovative composite monopole production with the University of Malta. Beyond business, he actively supports community initiatives as a council member of Puttinu Cares.
FERSUN AKYÜZ – Deputy Chairperson
Fersun Akyüz is the General Manager of CMA CGM Malta, part of one of the world’s leading shipping and logistics groups. With over 20 years of experience in the industry, she leads the agency’s operations and commercial activities, connecting Malta to global trade routes. Her career has spanned both strategic and operational roles across Europe, with a strong focus on building partnerships and delivering reliable, customer-driven solutions. Based in Malta since 2018, Fersun is passionate about sustainability in logistics and strengthening Malta’s role in the Mediterranean as a dynamic hub for international shipping.
CLIVE AZZOPARDI
Clive Azzopardi is a Chartered Certified Accountant and has over 18 years of experience in Malta’s financial services sector. Appointed Operations Director at Dixcart Management Malta in 2018, Clive oversees the Accounts Department, client relations, and daily operations. The firm is a fully fledged corporate services provider, offering complete management and support services for companies and other structures in Malta. Clive is also heavily involved in the air and marine sector and is experienced in the registration of aircraft, ships, yachts, and management and administration of ownership structures. The company is also licensed to assist clients in residency and citizenship programmes, with Turkey being a key market.
PAULINE MICALLEF
Pauline Micallef is a CPA warranted Accountant by profession with an ACCA qualification. She holds a Master’s in Business Administration from the Henley Business School at the University of Reading and is a Fellow Member of the Malta Institute of Accountants. With over a decade of Managerial experience, Pauline served as a Director, leading large teams through multimillion-dollar projects, including business development. She is also a lecturer in Financial Management and Microsoft Excel. Pauline joined the maritime industry over 5 years ago and as CEO of MaritimeMT, Pauline utilises her expertise to shape the next generation of maritime professionals. Pauline currently represents MaritimeMT as a committee member of the Malta Chamber of Commerce’s Yachting Services Business Section and for over a year she is a Council member on the Super Yacht Industry Network Malta and acts as the Treasurer.
ANNABELLE XUEREB
With over 30 years of experience in the port industry, Annabelle had the privilege of holding various roles in Valletta Gateway Terminals (VGT), contributing to a well-rounded understanding in different areas of terminal management. Currently serving at VGT as an Assistant General Manager, she oversees the Business Development and Operations of the terminal to expand the business of VGT and create value add for our customers. VGT have always embraced the culture of continuous improvement to deliver high service level to their clients. Annabelle values the chance to collaborate and engage with other Businesses to exchange ideas and explore new approaches.
SIMAY CILINGIR
Simay Cilingir is an Associate at Ganado Advocates, forming part of the firm’s shipping team. She advises international clients on a broad range of maritime matters, including ship registration, corporate structuring for shipping operations, and ship finance transactions. Simay plays an active role in supporting clients across the maritime sector with practical and commercial legal solutions. She holds an LLM in Maritime Law from the University of Southampton and is fluent in English, Maltese and Turkish.
ALLEN LOFARO
Director of Operations with 25 years of leadership in education management, Allen is committed to operational excellence and sustainable growth. He is known for building high-performing teams, optimizing processes, and elevating service quality to support student and institutional success. A collaborative, hands-on leader, Allen is passionate about inspiring commitment, driving results, and helping schools and communities thrive.
KURT GUTTERIDGE
Kurt began his maritime career as an engineer cadet before studying Naval Architecture and Marine Engineering at the University of Newcastle upon Tyne, earning the RW Mann and Burrill Awards. He later joined Malta’s flag administration, where he helped draft and implement the first Malta Commercial Yacht Code. This marked a turning point in the flag’s prominence in the yachting sector. In 2011, he founded NAS, now a leading survey and consultancy firm for yachts and ships. His work spans superyacht projects, statutory surveys, and regulatory advisory. Outside of work, Kurt enjoys physical training and spending time with his family.
DENISE ABELA CAMILLERI
As a Director of General Maintenance Ltd, a leading company in Malta’s steel structures industry, Denise started her journey, from joining the company at just 16 to leading it into a new era of growth and innovation, showing a testament to resilience, leadership, and determination in breaking barriers in a male-dominated field. Her professional journey started on the shop floor, driven by a deep passion for the industry and an unmatched work ethic. While working full-time, she pursued her studies, eventually earning a master’s degree, while balancing education and hands-on experience. Throughout her career, she has had the opportunity to be part of many challenging projects and has always led the company’s evolution with a clear vision: to deliver structural excellence through innovation, integrity, and strong team collaboration. Denise’s approach is not only strategic but personal. She believes in leading with empathy and purpose with values deeply rooted in our company’s family-run culture. As both director and project manager, Denise has cultivated a workplace that values trust, craftsmanship, and community. In 2023, she was honored to be awarded Best Businesswoman in Management award, and she has recently also joined the Malta Turkish Business Council within The Malta Chambers of Commerce, where, together with the other members, she is working to create a strong collaboration between the two countries.
James Camilleri is an experienced business leader with a strong track record in scaling B2B fintech and e-commerce companies across Europe, Asia, and the USA. With over a decade of expertise in business strategy and development, he has driven sustainable growth and helped companies expand their global footprint. As Co-Founder and CEO of Fyorin, James oversees the company’s strategic direction and plays a key role in its international growth. His leadership is built on a deep understanding of cross-border operations and a focus on delivering scalable, customer-centric solutions. James has led commercial teams, built strategic partnerships, and successfully supported the expansion of technology businesses into new markets.
MARK AQUILINA – Deputy Chairperson
As the Founder and Senior Managing Partner of NOUV, Mark Aquilina brings years of experience to the firm. He is a seasoned C-Level professional and a strategist, who is responsible for leading the firm’s annual planning processes, developing long-range strategic plans, objectives and tactics, and guiding the brand strategy in his role as Chief Visionary Officer. Mark ensures that all business activities align with the firm’s aspirations and vision while creating a culture that cultivates and supports innovation. He also defines the paths for our clients’ acquisition strategy, pursues sales generation, supports data management and analysis, and inspires, coaches, and develops our team’s capabilities. With over 25 years of experience in the management and financial services industry, locally and internationally, Mark brings a wealth of knowledge to client projects. He is responsible for assisting clients in conceptualising and preparing investors’ pitch decks, including industry and company analysis, and benchmarking for potential buy-side/sell-side mandates. Throughout his career, Mark has occupied roles in the consultancy division of Arthur Andersen and Ernst & Young, acted as Group Financial Controller for a renowned Group of companies in Malta, and was a Financial Controller with one of the largest groups in the Middle East. Mark holds a Master of Science degree in Finance from the University of Aberdeen and is a fellow member of the UK’s management institute. He obtained a Certificate of completion in Sustainable Finance from the University of Cambridge He also holds certifications from the International Academy of Financial Management as a certified Master Financial Controller and Master Financial Professional.
DECLAN KELLER
Declan Keller is the Chief Operations Officer and Accountable Manager at KM Malta Airlines, where he leads the airline’s operations with a strong focus on safety, regulatory compliance, and operational efficiency. Originally from Donegal, Ireland and now calling Malta home, Declan brings a wealth of international experience to his role. Under his leadership, KM Malta Airlines has significantly improved its on-time performance and technical dispatch reliability, while also driving cost containment and operational efficiency. His efforts have introduced innovative solutions that reduce overheads and improve profitability. Declan’s commitment to safety, performance, and customer experience continues to position KM Malta Airlines as a competitive force within the regional aviation sector.
CEDRIC MIFSUD
Cedric Mifsud is a lawyer and was admitted to the bar in 2003 and since then he has mostly practised as a transactional lawyer. He also obtained a masters in European & Comparative Law from the University of Malta in 2004. In 2007, together with his brother Malcolm Mifsud, he set up the multidisciplinary law firm Mifsud & Mifsud Advocates within which he helped set up and lead the Commercial, Corporate, Aviation and Maritime Departments. He represented a number of individuals and companies before the Maltese Courts, most notably in a number of Human Rights Cases particularly the initial wave of rent law cases that led to the recognition of landlord rights and a number of claims against government authorities. He is a director and shareholder of Aegis Corporate Services Limited, a Corporate Services and Tax Advisory Company and MMPS Limited, a company offering payroll services within the Maritime Industry.
JOSEPH MICALLEF
Joseph is a highly experienced Managing Consultant with over 33 years in strategic and personal excellence. He transforms organisations by practically applying strong Strategic, Quality, and Lean principles, implementing engineering and technology solutions that fit each organisation’s maturity level to enhance operational efficiency. His expertise spans diverse sectors across Malta, Europe, and the Middle East, where he builds multidisciplinary teams to drive comprehensive organisational transformation. A thought leader, Joseph champions Innovation in Operational Excellence and Digital Transformation, focusing on achieving effective ROI. He empowers organisations to adopt practical, sustainable solutions aligning with their strategic goals, making him a trusted partner in navigating complex challenges.
MATTHEW PISANI
Matthew Pisani is currently the Senior Operations and Business Development Manager at World Express Logistics, part of the A&Co Group. Matthew brings over 30 years’ experience in the field of international logistics. Before joining WEL, Matthew was engaged as the Global Transportation Manager of Gentherm Inc. Held this position for 13years, heading global freight tenders in the tune of $30M and managing JIT ‘Just in Time’ supply chains & inventory management for the automotive and medical sectors. On the local scene, Matthew also held other freight managerial roles, gaining experience in all transport modes and was also instrumental to set up the cargo operation for EK locally. Matthew holds a higher diploma in Freight & Transportation management from UOM and is a certified Lean Expert from Lean Associates Singapore.
YASMIN SCHEMBRI
Yasmin Schembri is a driving force in Malta’s environmental consultancy landscape, recognised for her out-of-the-box thinking and dynamic approaches to environmental challenges. Yasmin holds a BSc in Biology & Chemistry, and MSc in International Marine Science. Currently serving as Senior Consultant and Head of Business Development at AIS Environment, Yasmin spearheads high-impact projects and fosters strategic partnerships designed to greenify business operations. Her portfolio also includes consultancy on environmental & climate legislation and environmental impact assessments. Yasmin has been a featured speaker at the Sustainability Live 2025 conference, Climate Proofing conference, and the Clean Industrial Deal webinar.
Coming from a scientific and engineering background and, over time, progressing toward the business side of the picture, I was given the opportunity to take on the position of Chief Operations Officer of Universal Industrial Expertise Limited in September 2018, becoming Chief Executive Officer in December 2019. Despite being at the helm of the company for a relatively short period, the company has internally been restructured and re-focused to provide consultancy for the manufacturing industry and then following up with the material or machinery required, rather than focusing solely on the products we supply. Thus we have a keen interest on the latest commercial technological advancements, practices and legislation, which are all pillars of the German economy.
RACHEL VELLA BALDACCHINO – Deputy Chairperson
Rachel Vella Baldacchino is Deputy Chair of the Germany Malta Business Council, having been involved since its earlier iteration and participating in the February 2025 trade mission. An international business lawyer qualified in Malta and the UK, she is a Managing Associate at WH Partners. Her practice focuses on cross-border corporate M&A, strategic financing, competition and consumer law, and foreign direct investment. Having studied German from a young age at the German Maltese Circle, she maintains a strong interest in the language and culture and advises German-speaking clients on international transactions.
DAVID FLERI SOLER
As Chief Commercial Officer at Express Trailers, he joined the company in 1987. Working with the leading logistics provider in Malta, David leads the company through various milestones, namely the development of local and international pharma logistics, Hubbing, local third-party warehousing, including customs, local distribution and the launch of several network lanes in the groupage European and worldwide services of the company. He is a member of the Chartered Institute of Logistics and Transport, and an active advocator for the spread of knowledge in the logistics sector. As one of the founders of the logistics section within the Chamber of Commerce in Malta, David is currently the Vice Chairman and supports various local historical organisations.
PIERRE BALZAN
Pierre Balzan, a maritime entrepreneur who founded the company in 1989 and has led its evolution into a Mediterranean centre of marine and engineering excellence. Under my leadership, the Group invested tens of millions to expand its services – including a floating dock facilities in Malta capable of lifting vessels up to 110 m, and a 3,000 sqm engine-testing workshop in Athens. Established operations across Malta, Greece, South of France and Cyprus, secured exclusive distributorships for MTU and Awlgrip for the past 35 years, and recently joined the Malta‑Germany Business Council to enhance bilateral commercial ties and foster collaborations between Mediterranean and German maritime and power generation sectors.
MARISA XUEREB
Marisa Xuereb is an economist by education. She has been working with German manufacturing companies for 30 years, in industries varying from lighting to water treatment to plastics. She was a Council member of the Malta Chamber for 10 years up to March 2025, and President of the Chamber between 2021 and 2023. Among other appointments, she sat on the Board of Malta Enterprise for 6 years and on the Board of the Malta College of Arts, Science and Technology (MCAST) for 3 years. She is currently involved in supply chain transformation with Playmobil, splitting time between Germany and Malta, and holds a number of directorships with local companies including APS Bank, Atlas Insurance and Epic Communications Ltd.
ADRIENNE BUEDINGER
Adrienne Buedinger is currently Relationship Manager at FCM Travel Solutions and Travelmall.mt. Adrienne moved to FCM after a career of 30 years at Lufthansa German Airlines, where she was responsible for corporate and agency passenger sales. Adrienne, together with a small team of dedicated colleagues, increased the airline’s local flights from bi-weekly to approximately 29 per week by 2018. This was crucial in meeting the growing demand for connectivity by a strong German presence on the island seeking to channel German investment from manufacturing to specialised niches. At FCM Travel Solutions, she transitioned seamlessly to a travel agency environment where she added some valuable corporate accounts to the company’s rich portfolio. Drilled in a customer-centric ethic, Adrienne believes in being there to offer peace of mind and reliability. She maintains a close link with Deutschen Zentrale für Tourismus and has been an active member of the German Maltese Business Council under the auspices of the Chamber of Commerce for the last 14 years. Frequently guiding groups of agents, customers and the press overseas, Adrienne has combined private and work-related interests. Adrienne loves Opera, Classical Music, history and reading.
REX ALEXANDER
Dr. Rex Alexander is the founder of Clynico Group, a U.S.-based company with subsidiaries in pharmaceuticals, agribusiness, consulting, staffing, and digital strategy. Trained in clinical medicine, he brings a systems-oriented approach to business, focusing on scalable solutions that align global standards with local implementation. One of the group’s core operations is based in Malta, supporting work across regulated and emerging markets. With a focus on sustainable growth and measurable impact, Dr. Alexander leads ventures active across Europe, Asia, and the Americas—building companies that address real-world challenges and deliver consistent, results-driven outcomes across diverse industries.
Ronald is the country managing partner of EY in Malta and Cyprus. He also is the Managing Partner, Risk Management in Europe Central, one of EY’s ten super regions. Ronald has been a partner at EY for over 25 years during which he has occupied various roles including Transaction Advisory Services Leader for South East Europe and Strategy and Transactions Leader for Central and South East Europe and Central Asia. Over the years he has led a number of significant corporate finance and restructuring engagements. He has also supported a number of companies in setting up in Malta. Ronald is also a senior visiting lecturer at the University of Malta.
CHARLES BONNICI MOMPALAO – Deputy Chairperson
Charles Bonici Mompalao is a lifelong entrepreneur and founder of Mompalao Trading Ltd, a company known for blending creativity, strategy, and sustainability in promotional products. He helps brands stand out with meaningful, customised merchandise that creates a lasting impression. Over the past 18 years, Charles has built trusted partnerships with global corporations and national institutions alike. His hands-on approach and strong belief in transparency, service, and long-term value have shaped Mompalao into a recognised name across Malta, Cyprus, and Switzerland, delivering projects that surprise, inspire, and deliver results.
BRIAN ZARB ADAMI
With 28 years of senior ICT management experience, Brian Zarb Adami is CEO at CyberSift, a leading cybersecurity solutions provider. His dedication to innovation and R&D has resulted in products delivering immediate business value, positioning CyberSift prominently in the cybersecurity industry. Under his leadership, CyberSift is revolutionising cybersecurity through advanced self-learning threat detection tools, simplifying IT security globally. Operating across seven countries – Malta, Estonia, the UK, Poland, Bulgaria, Cyprus, and Greece – CyberSift’s multinational team collaborates effectively across three time zones, united by a mission to combat cyber threats and foster innovation, collaboration, and robust digital security.
ANTHONY H. FARRUGIA
Anthony H. Farrugia is the visionary founder and Managing Director of Cyber Pass Ltd, one of Malta’s leading high-tech, IoT, and telematics providers, established in 2001. A London-trained accountant by profession, Anthony leads a dedicated team of developers and engineers creating innovative in-house solutions, including CyberTrak, a state-of-the-art platform handling vehicle tracking, cold store monitoring, and Insurance Telematics. Other databased products include advanced retail software systems. Under his direction, Cyber Pass launched Malta’s first GPS/GPRS vehicle tracking service in 2006 and has expanded operations both locally and overseas. Outside of work, Anthony enjoys music, golf and photography—pursuits that reflect his blend of precision, creativity, and strategic thinking.
RAMON BONDIN
Ramon is currently the CEO of Investors Europe (Malta) Ltd, a depositary and investment services firm based in Malta targeting professional clients and investment funds. He started his career with ECOVIS Malta after which he was authorized by the MFSA as a Senior Manager in charge of Trust Administration and Corporate Services. At ECOVIS, he was significantly involved in all aspects of the group’s management, as well as being a key member of ECOVIS GRC Ltd where he was authorized by the MFSA to hold compliance and risk management positions with UCITS Management Companies and Alternative Investment Fund Managers. Following this, Ramon worked with Alter Domus as a manager in the corporate services section, focusing on licensed entities, mainly Alternative Investment Fund Managers and trust business. He was also appointed Head of Depositary Services for the Malta office in 2016. He obtained an Associate Professional Risk Manager Certificate in 2013. Ramon holds a BA (Hons) in Economics from the University of Malta and an Msc in Economics from the University of York (UK).
MARCEL MIFSUD
A seasoned business consultant based in Malta, I bring over 30 years of experience in the pharmaceutical and medical device sectors. Formerly a part-owner of a family-run enterprise established in 1973 and sold in 2023, I now serve as Market Access and Business Development with Associated Drug Co Ltd. I am Deputy Chair of the Importers, Distributors, and Retailers Economic Group and a Council Member of The Malta Chamber, contributing to national policy and business development. I look forward to supporting stronger commercial ties between Malta and Cyprus through collaboration, shared interests, and strategic partnerships.
PHILIP CORTIS
Philip Cortis is the owner of Micro Technology Consultancy Ltd, a 24-year-old IT company currently which is engaged in trade between Malta and Cyprus. Additionally, he brings experience from his previous role as a member of The Malta Chamber’s ICT Executive Committee, where he contributed to policy discussions.
BirdLife Malta expressed its gratitude to the HSBC Malta Foundation for supporting the Nature Guardians Summer 2025 Edition — a 10-session outdoor experience designed to inspire and empower the next generation of environmental stewards.
Through this collaboration, 15 children aged 7 to 11 are participating in a hands-on nature journey at Salina Nature Reserve, taking place every Tuesday evening between July and September 2025. The programme combines science, exploration and outdoor fun, introducing children to Malta’s natural environment through activities such as birdwatching, soil and water testing, insect hotel building, habitat care and nature games — all aimed at deepening their connection with the natural world.
Glenn Bugeja, on behalf of the HSBC Malta Foundation, said: “Through the Nature Guardians Summer Course, we are nurturing a generation that values and protects our natural environment. The HSBC Malta Foundation is proud to support this initiative, which empowers young people to become informed, active stewards of Malta’s rich biodiversity.
This initiative forms part of the HSBC Malta Foundation’s broader commitment to sustainability and community engagement.” BirdLife Malta CEO Mark Sultana expressed appreciation for the support. “Support like this makes it possible for more children to benefit from meaningful outdoor experiences that shape their understanding of the environment and the importance of conservation,” he said.
Bank of Valletta today announced a positive, sustained financial performance for the first half of 2025, declaring a profit before tax for the BOV Group of €135.1 million. This result reflects the Group’s continued resilience and strategic progress, laying a strong foundation for further growth and innovation in the months ahead.
The Bank also declared an interim gross dividend of €55 million (€0.0856 gross/€0.0556 net per share) to be paid to shareholders from the Group’s six-month profits, reflecting a 39.9% payout ratio of Profit After Tax. The Bank has also set aside €7.8 million as a share buyback reserve, as approved by the latest AGM and by the regulator.
The Group has seen noticeable growth from key business areas, including credit, investments, and fee and commission income. Expectations for the current financial year continue to trend towards a profit before tax between €215 million and €250 million, with dividend distributions set around a maximum of 50% of profits.
Financial Highlights
As expected, the first half of 2025 saw a decline in profit before tax of 8.8% when compared to the previous year, aligning with forward looking guidance provided at the end of FY2024 and driven mainly by a lower interest rate environment and the Bank’s increased investment in technology and people.
Total operating income reached €244 million in June 2025, marking a solid increase of 4.6% compared to the same period in 2024. Net Interest Income remained the primary driving force for the Group. The overall decline in interest rates announced by the ECB was partially cushioned by an increase in interest income generated from proprietary investments (reflecting the strategic balance sheet repositioning carried out by the Bank since 2022), and also by a sustained growth in the credit portfolio. On the other hand, Net Fee and Commission Income continues to play a vital role in the Bank’s income streams, contributing to well-diversified revenue flows that continue to support the Group’s operating profitability.
The Group’s total assets continued to expand, reaching €15.9 billion. The optimisation of the balance sheet continued, with cash and short-term funds declining by a further €79.7 million and the treasury portfolio increasing to reach a balance sheet position of €6.7 billion. The credit portfolio increased by 7.9% to €7.4 billion, and customer deposits saw a continuous growth with the closing balance as at end of June of €13.1 billion. The Group’s capital and liquidity ratios remained strong and above regulatory requirements.
“Delivering a strong performance in line with expectations” – Chairperson Dr Gordon Cordina
Commenting during the announcement, BOV Chairperson Dr Cordina stated, “I am pleased to announce yet another strong performance by the BOV Group for the first half of 2025. Despite the challenges arising from the reduction of interest rates by the European Central Bank and the stresses posed by ongoing global political developments, the Bank continues to deliver positive results.
Our core business remains particularly robust, and our strategy to optimise our balance sheet position, by redeploying cash into longer-term interest-bearing instruments, continues to bear fruit, as do our efforts to generate additional income from other areas of business.
Our efforts to sustain this positive performance during the past eighteen months continue to strengthen our position in the local market. Of note is the overwhelming response to the Bond issue, which led to an oversubscription within mere days of the offer, signifying the confidence that investors continue to place in this Bank. Near the end of June, a bonus issue of 1 share for every 10 shares held was also executed. These initiatives reflect strong earnings and prudent capital management and underscore the Group’s ongoing commitment to delivering value to its shareholders. Positive market response was also noted in the upward trend in share price, witnessed since the end of 2024. This continues to strengthen our resolve and gives us the necessary assurance to follow through with our strategic initiatives.
Over the coming months we look forward to seeing in motion the Share Buyback Program, giving even more value to our trusted shareholders. We will also sustain our effort in supporting the local economy and the sustainability of competitive business in Malta. As we look ahead to the second half of the year, we remain focused on delivering value, driving innovation, and building a more sustainable future.”
“An exciting era for BOV awaits” – BOV CEO Kenneth Farrugia
CEO Kenneth Farrugia also commented on the positive financial performance registered by the BOV Group and highlighted the Group’s remarkable resilience, agility, and ability to capitalise on evolving market conditions and execute its strategy. “Notwithstanding four consecutive reductions in interest rates and a more subdued interest rate environment, our profitability remains not only resilient but also competitive when compared to the record-setting performance witnessed in 2024.
Our credit business remains strong, and we are achieving record net fee and commission income. These outcomes reflect key strategic initiatives, including expanding our personal customer service model, renovating branches, extending service hours, upgrading ATMs, and launching digital improvements. We are also on track to enhance our business customer service proposition by year-end.
Our digital strategy is being executed through several projects that are supporting our transformation ambitions. At the same time, we continue to strengthen our risk management control frameworks, invest in cybersecurity for operational resilience, and uphold strict Anti-Money Laundering and Anti-Financial Crime standards. We also remain committed to ESG goals, and to community initiatives via the BOV Foundation and our CSR program.
Looking ahead, an exciting era for BOV awaits, as we look to diversify our business model and offer general insurance solutions, while continuing to grow our market share in the Second and Third Pillar Pension Schemes.
While 2024 set an exceptionally high benchmark in profits, income and cost optimisation, our current trajectory affirms the solid foundations and prudent risk management underpinning our progress so far. The momentum in our core business remains strong, and our continued expansion and prudent stewardship will ensure that the Group remains well positioned for the future.”
