Become a member Members Area

Author: Mel Chamber

The Malta Chamber renews gold partnership with Bank of Valletta

Posted on by Mel Chamber

The Malta Chamber is delighted to announce the renewal of its Gold Partnership with Bank of Valletta (BOV), consolidating a longstanding relationship aimed at fostering economic growth and prosperity in Malta. 

The partnership between The Malta Chamber, the foremost voice of the Maltese business community, and Bank of Valletta, one of Malta’s leading financial institutions, has been instrumental in driving innovation, supporting businesses, and facilitating economic development. 

Under the renewed partnership, both entities will continue to collaborate closely on initiatives geared towards promoting entrepreneurship, driving investment, and enhancing the competitiveness of Maltese businesses on both local and international fronts.

Chris Vassallo Cesareo, President of The Malta Chamber, expressed his enthusiasm about the continuation of this strategic partnership, stating, “The Malta Chamber is proud to renew its Gold Partnership with BOV. Our collaboration over the years has been pivotal in advancing the interests of our members and the broader business community. Together, we will continue to work towards creating an environment conducive to business growth, innovation, and sustainable development.” 

Speaking on the signing of the renewed agreement, Kenneth Farrugia, the Bank’s CEO noted, “Bank of Valletta’s partnership with The Chamber goes back many years. Over this time, our strategic alliance has led to fruitful discussions and initiatives to better understand the needs of the local business community, particularly the SMEs and family businesses, whilst supporting and incentivizing them to explore new opportunities.” Here he made specific reference to the CSR Toolkit and the online SME toolkit that had been launched several years ago, and to the expertise of BOV professionals who are eager to offer their support, even by way of financial educational, giving support in a spectrum of financial services including trade finance, online trading, investments, and pension schemes. “The new agreement will enable us to continue exploring joint ventures that will benefit Chamber members and the local businesses. Specifically, we are also committed to strengthening our focus on ESG (Environmental, Social and Governance) principles, guiding the local business community in embracing changes that bring their operations more in line with the ESG principles. 

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 Kenneth Farrugia, Bank of Valletta CEO. Kenneth B Micallef from the Bank’s Business Development function and Charles Azzopardi from CSR and Events were also present.

FHRD launches Professional Membership Scheme

Posted on by Mel Chamber

by Karen Muscat Baldacchino – Malta Foundation for Human Resources Development CEO

The Malta Foundation for Human Resources Development (FHRD) has launched a new Professional Membership Scheme which will allow HR professionals to get recognised by FHRD for their level of HR Competence. This falls in line with FHRD’s mission to set national standards in the development of human resources in Malta.

While there are no changes to the corporate membership scheme currently in place, the FHRD Professional Membership Scheme is a comprehensive revamp of the individual membership scheme that has been in place so far.

The Professional Membership Scheme has three levels: Associate, Fellow, and a membership developed exclusively for students seeking a career in human resources.

Prospective candidates will have the opportunity to submit applications for any level, provided that they meet the specified eligibility conditions.

Apart from forming part of a thriving local network, enhancing professional credibility, and enriching the HR journey, key features of the Professional Membership Scheme include:

  • A website specifically tailored to serve as a comprehensive platform for all Human Resources stakeholders.
  • Exclusive access to industry insights: Members will gain privileged access to cutting-edge research and articles by experts in the field, providing them with a competitive edge in their professional endeavours.
  • Tailored professional development opportunities: The scheme will offer a range of workshops, seminars, and training sessions conducted by industry experts to enhance members’ skills and knowledge.
  • Networking events and forums: Members will have the opportunity to connect with professionals, industry leaders, and experts through exclusive networking events, fostering collaboration and partnerships.

FHRD has developed a framework of HR competencies based on nine functional competencies and nine enabling competencies.

Functional competencies relate to those skills required to perform tasks that are within the scope of HR Professionals while enabling competencies are more strategic competencies that are not specific to the HR profession, but which are deemed essential.

These competencies are divided into three core areas:

  1. Individual Skills – Personal skills are recognised as soft skills which are not easy to teach. They are also known as interpersonal or ‘people’ skills. 
  2. Team Skills – Teamwork skills consist of interrelated abilities that let you work effectively in an organised group. Teamwork skills are vital to employees, as teams are a basic organisational unit within many companies. Teamwork happens when people cooperate and use their individual skills to achieve common goals.
  3. Organisational Skills – Organisational skills are the ability to manage time effectively, prioritise tasks, set goals, and develop systems for achieving those goals. Employees with good organisational skills can juggle multiple responsibilities simultaneously, stay focused on deadlines, and handle complex projects efficiently.

Each of the core areas above has three functional and three enabling competencies:

Individual Skills:

Functional competencies

  • Organisational effectiveness
  • People analytics
  • Talent acquisition

Enabling competencies

  • Critical thinking
  • Tech savvy
  • Research skills

Team Skills:

Functional competencies

  • Compensation and reward
  • Talent management
  • Engagement and well-being

Enabling competencies

  • Emotional intelligence
  • Decision making
  • Business acumen

Organisational Skills:

Functional competencies

  • Employee relations
  • Inclusion and diversity
  • Learning and development

Enabling competencies

  • Ethical behaviour
  • Negotiation and influence
  • Strategic leadership

Associate Membership Level:

This level is specifically tailored for HR professionals at the junior to mid-level who fulfill operational or administrative responsibilities. An associate member is envisioned to occupy roles such as HR Administrator, HR Generalist, HR Specialist, HR Business Partner, HR Assistant Manager, or an HR Manager with an operational focus (who reports to the Chief HR Officer or a Senior Manager in an HR function). The Associate Membership acknowledges one’s work experience and professional knowledge in the field of Human Resources.

Fellow Membership Level:

This level is intended for a senior-level HR professional who engages primarily in a strategic role, possesses numerous years of HR experience working on strategic projects, and consultancy, and forms part of an organisation’s senior management team. Fellow Membership acknowledges one’s vast work experience and substantial professional knowledge in the field of HR.

Student Membership Level:

The Student Membership is aimed at aspiring human resources professionals. It acknowledges a person’s dedication to academic advancement in the field of human resources and positions them on the path to professional recognition. This membership applies only to full-time students.

Renewals of the Associate and the Fellow Memberships will be possible subject to the candidate attending a number of HR-related events. The total number of required hours is 16, of which 10 must be in FHRD-organised events. The remainder can be obtained in any HR-related event, as long as a certificate of attendance is provided to the FHRD.

For further information about the scheme please visit: fhrd.org/professional-membership. For any inquiries, please email: professionalmembershipscheme@fhrd.org.

FHRD was set up in 1990 to spearhead the evolution of people management and development practices as well as the human resources profession in Malta. The Foundation is an autonomous, private, independent body and works in partnership with its corporate members, the professional conglomerate of HR practitioners and service providers, leaders of the industry, and other key local players in the field of human resources management and development.

BOV talks artificial intelligence in the banking world

Posted on by Mel Chamber

As banks continue to navigate the complexities of a rapidly evolving digital landscape, the integration of AI technologies promises to redefine industry standards and elevate customer satisfaction to unprecedented heights. This was stated by Ivo Camilleri, Chief Strategy, Transformation and Data Officer while introducing a workshop for BOV employees, focusing on the use of AI in the Financial Services World. “It is imperative that we invest in driving change in the local financial services sector, change that translates into better risk management and enhanced customer experience,” Mr Camilleri said.

The Bank sought the collaboration of experts from the renowned global firm Strategy& to contribute to this event. Strategy& presented cutting-edge advancements in the fields of AI that are relevant to the whole banking sector. They shared their insights and perspectives with those present.

The discussion moved from surrounding emerging technologies like Gen AI and Deep Learning to practical tools such as Microsoft CoPilot which are tailored for the banking industry. The experts at the event hinted at what could be the trajectory of financial institutions toward an increasingly technologically driven future.

It was noted that, despite advances made, Europe finds itself approximately 1.5 years behind North America in embracing such innovations. However, the silver lining lies in the flexibility of resource capacity requirements. Even if one had to start with modest numbers or small operations, the returns yielded would be significant. This acknowledgment underscores the immense potential for growth and innovation within the European banking landscape.  

Moreover, discussions at the event highlighted the need for banks to identify strategic entry points across various functions to embark on their transformative journey. AI brings important shifts towards greater automation and efficiency. More recently it is also expanding to encompass sophisticated applications in risk management, fraud prevention and tailored customer service. This shift requires broad upskilling initiatives across different teams within the organisation. Meanwhile, for banks to operate at scale successfully, it will be necessary to create interlinkages between engineering expertise and leveraging AI tools.

Speaking after the event, Ivo Camilleri expressed his satisfaction at the level of interest and the engagement that the discussion aroused among those present. “Artificial Intelligence is not a fad or a trend, but a critical tool that we need to understand and leverage for the best interest of both our customers and employees.” He explained how this workshop was an important prelude to a discussion that needs to go on within the Bank, cutting across all the functions, be they front-facing, support or control. “From the generation of synthetic data to personalised customer experiences, AI serves as a basis for driving customer-centric innovation within the banking sector. At Bank of Valletta, we are taking a leading role to reap the benefits of AI and translate them into better understanding customer journeys and providing high quality customer experiences.”

The Malta Chamber extends gratitude to President George Vella and welcomes incoming President Myriam Spiteri Debono

Posted on by Mel Chamber

The Malta Chamber of Commerce, Enterprise and Industry extends its heartfelt appreciation to President George Vella for his steadfast dedication and service to Malta throughout his tenure. As President Vella concludes his term, The Malta Chamber acknowledges his efforts in representing our nation with dignity and commitment.

The Malta Chamber also welcomes incoming President Myriam Spiteri Debono as she assumes the responsibilities of the office. The Malta Chamber recognizes President-Elect Spiteri Debono’s long-standing dedication to public service and her commitment to the welfare of our nation.

As Malta transitions to a new President, The Malta Chamber reaffirms its commitment to working collaboratively with President-Elect Spiteri Debono to address the challenges facing our nation and to pursue opportunities for growth and development.

The Malta Chamber extends its best wishes to President George Vella and his wife Mrs. Miriam Vella for the future and offers its support to President-Elect Myriam Spiteri Debono and her husband Notary Anthony Spiteri Debono as they embark on their new role.

HSBC Malta Goes Dark For Earth Day 2024

Posted on by Mel Chamber

HSBC Bank Malta joined the global Earth Hour initiative once again this year, continuing its tradition of supporting environmental sustainability. On Saturday, 23rd March, HSBC Malta turned off all non-essential lighting at its main buildings – the Operations Centre in Qormi, the Head Office in Valletta, and the HSBC Global Services Contact Centre in Swatar – from 8:30 pm to 9:30 pm, aligning with other HSBC Group sites worldwide.

By participating in Earth Hour, HSBC Malta aims to contribute to a global message of environmental awareness and the importance of energy conservation. The initiative, which encourages individuals and organizations worldwide to turn off their lights for one hour, serves as a symbol of commitment to the planet.

HSBC’s participation in earth day focused not only on reducing energy consumption but also on inspiring individuals and communities to engage in sustainable actions that benefit the environment. HSBC Malta also encouraged its staff and the public to use the hour to undertake positive activities that contribute to the health of our planet.

“Participating in Earth Hour aligns with HSBC Malta’s ongoing efforts to promote sustainability and environmental consciousness. While turning off our lights for one hour is a symbolic gesture, it represents a broader commitment to making more sustainable choices and highlighting the role each of us can play in addressing climate change,” Glenn Bugeja, Manager Corporate Sustainability said.

By joining Earth Hour, HSBC Malta joins a global community in this simple yet impactful initiative, underscoring the collective action needed to foster a sustainable future.

Celebrate International Business Excellence with the Malta International Business Awards 2024

Posted on by Mel Chamber

Third edition of the Malta International Business Awards launched

The Malta International Business Awards (MIBA) are back this year, once again recognising and celebrating Malta based businesses that have demonstrated exceptional prowess in the global marketplace. The event is a testament to the innovation and entrepreneurial spirit thriving within Malta’s business community, highlighting those who have successfully expanded their operations beyond local shores.

The 2024 edition of the MIBA, which will be held on November 29, 2024, promises to be a great event, with awards spanning four categories: Best SME Exporter, Best Large Exporter, Best High Potential Exporter, and Best Emerging Markets Exporter as well as an award for the overall winner. These categories reflect the diverse strengths of Malta’s international business community, showcasing excellence across various sectors.

During a press conference launching the event, Hon Minister Dr Ian Borg expressed his support for the event, noting, “The Malta International Business Awards represent the diverse landscape of Malta’s export industry and underscore our commitment to supporting businesses of all sizes and sectors in their international endeavours. This is key to Malta’s ongoing economic success, as it highlights our dedication to fostering a business-friendly environment that nurtures innovation, encourages entrepreneurship, and facilitates international trade. By recognising and celebrating the achievements of our businesses, we not only showcase Malta’s economic vibrancy but also attract further investment and opportunities for growth. Through strategic initiatives and policies aimed at enhancing our competitiveness on the global stage, the government continues to play a pivotal role in sustaining and expanding Malta’s economic prosperity”.

Mr. David Matrenza, Chairman TradeMalta, Mr. Geoffrey Fichte, CEO HSBC Bank Malta p.l.c., and Mr Joseph Pace, council member of the Malta Chamber of Commerce, Enterprise, and Industry, all offered their insights and thoughts on the international business landscape and Malta’s position in it during the Press Conference.

Organised by TradeMalta, the MIBA are more than an awards ceremony – they are a celebration of the remarkable efforts of Malta-based businesses trading internationally. “Our mission has always been to actively support Malta based businesses of all sizes in their international ventures, and this third edition of the MIBA is testament to the commitment we stand for by celebrating and recognising the sterling work and achievements of such businesses,” said Mr. David Matrenza, Chairman of TradeMalta

Mr. Geoffrey Fichte, CEO of HSBC Bank Malta p.l.c., emphasized the partnership’s significance: “Our collaboration with TradeMalta for the MIBA underscores HSBC’s commitment to fostering the growth of Malta’s international business sector and highlights the potential of Maltese companies on the global stage.”

Mr Joseph Pace highlighted the unprecedented challenges faced by the global economy over the last three years while pointing to the remarkable resilience and adaptability showed by Maltese businesses. “Not only did they survive, but they thrived, seizing opportunities and navigating through uncertainties with unwavering determination,” Pace said. “The Trade Malta Awards represent more than just a recognition of excellence; they embody the tireless efforts and remarkable achievements of our entrepreneurs, exporters and industry leaders.”

The awards ceremony promises to be an evening of recognition and networking among the movers and shakers of Malta’s business world. Businesses keen on vying for one of the awards are encouraged to submit their applications by the end of May 2024, with further details available on the official MIBA website.

The Awards are being organised by TradeMalta and HSBC Bank Malta p.l.c., as TradeMalta’s strategic partner, with the support of Emirates and Grant Thornton as supporting partners. The Times of Malta are the media partner. Additionally, the awards are endorsed by the Ministry for Foreign and European Affairs and Trade, as well as the Malta Chamber of Commerce, showcasing a united front in championing Malta’s international business prowess.

For more information on the Malta International Business Awards, including application details and an entrant guide, please visit www.miba.mt or contact TradeMalta at info@trademalta.org or call 22472400.

Join us in celebrating Malta’s international business excellence at the Malta International Business Awards 2024.

TradeMalta is a public private partnership between the Government of Malta and the Malta Chamber. The organisation was set up to offer support to Malta-based companies to reach international markets. TradeMalta is supported by its strategic partner HSBC Bank Malta p.l.c. For more information about TradeMalta visit www.trademalta.org. Alternatively call 22472400.

BNF Bank achieves targeted growth milestones in 2023

Posted on by Mel Chamber

BNF Bank announced a robust financial performance for the year 2023, recording a profit before tax of €13.0 million – a 6.75% increase over 2022.

Higher profitability in 2023 was primarily due to increased net interest income of €32.5 million (2022: €25.8 million). In addition to net interest income, net fees and commission income and other ancillary income contributed to a net operating income for 2023 of €36.2 million (2022: €30.1 million). The Bank’s cost-to-income ratio reflects the technology investment the Bank is undergoing, which will be in the Bank’s long-term financial interest. The cost-to-income ratio stood at 65.1% for 2023 (2022: 61.7%). In 2023 the Bank wrote back expected credit losses (‘ECL’) of €0.4 million (2022: ECL write-back of €0.7 million).

Net lending to customers increased by 5.2% to €950.3 million, whilst the percentage of credit impaired lending was contained at 2.65% (2022: 2.63%). The Bank’s Capital Adequacy Ratio stood at 19.3% (2022: 19.6%) and the Common Equity Tier 1 Ratio stood at 14.6% (2022: 14.6%), both being well above overall capital requirements and supervisory pillar two guidance. The Liquidity Coverage Ratio (‘LCR’) as of 31 December 2023 was 335.3% (2022: 237.7%), and the Net Stable Funding Ratio (‘NSFR’) was 140.2% (2022: 139.8%).

Following the conclusion of the reporting period, the Board of Directors is proposing a net dividend of €0.045 per nominal share of €0.7552, totalling €4,489,300, to be distributed to shareholders subject to regulatory approval and will be presented for resolution at the AGM.

BNF’S Chief Financial Officer, Mark Micallef said that in 2023, BNF Bank successfully concluded its Vision 2023 Strategy, achieving targeted growth milestones, completing the licensing process for a UK third-country branch, and fulfilling its capital plan objectives. “The robust financial performance in 2023 is a reflection of the Bank’s customer focus and was sustained by steadfast adherence to focused and rigorous risk management practices.”

David Power, CEO of BNF Bank, commented, “In 2023, BNF Bank maintained its pivotal role as a cornerstone of the local economy and as a trusted financial ally for both individuals and businesses. This achievement is a testament to the unwavering dedication and perseverance of our team.”

He continued, “As we navigate the evolving financial landscape of 2024, I am confident that we will rise to the challenge with resilience, strategic planning, and ambition. Our Vision 2026 Strategy remains firmly on track, and we eagerly anticipate achieving our milestones in both business growth and digital transformation.”

BNF Bank’s Annual Financial Report for 2023 may be downloaded from www.bnf.bank/investor-relations

Bank of Valletta stands up for the Green Stakeholder during Earth Hour

Posted on by Mel Chamber

For yet another year, Bank of Valletta has renewed its commitment towards Earth Hour by symbolically switching off the lights on the facades of some of its main premises, including its BOV Centre and Premium Banking Centre in Santa Venera, Zachary Street Offices in Valletta, as well as the Chairman’s Office situated at the House of Four Winds, also in Valletta.

For the eighteenth consecutive year, World Wildlife Fund (WWF), the organiser of this worldwide movement, issued an invitation for participation in the ‘lights off’ movement to raise awareness on climate change and nature distress. During last year’s event, around 410,000 hours were given back to the planet across 190 countries, with year’s event predicted to be even bigger.

Speaking about the Bank’s role in this event, Ernest Agius, Chief Operations Officer at Bank of Valletta explained that “Earth Hour is an opportunity to create greater collective consciousness about the importance of safeguarding our environment. At Bank of Valletta, our commitment goes deeper than the symbolic gesture. In fact, we consider the green stakeholder to be key for both our CSR programme and our commitment to the Environment, Social, and Governance (ESG) principles. We have continued to undertake a series of environmental initiatives aimed at protecting our environment, while spurring the local business community to act in a responsible manner”. In this respect, he mentioned the Bank’s 500+ PV panels across different sites, double glazing windows offices, and the replacement of air condition units with more efficient ones that produce less harmful refrigerants.

The refurbishment programme currently underway across the Bank’s branches and other offices is already harnessing the concept of environment-first. All-natural and fast-renewing materials are being used, together with LED lighting and recyclable flooring material.

“This concept has also driven our ongoing works at BOV Centre, redesigning the working environment of our Head Office into open-plan designs that allow more natural light and fresh air. The Bank also has two large water reservoirs with a combined estimated capacity of 600,000 litres. This second-class water is used for toilet flushing bowls and firefighting water tower,” explained Mr Agius. The amount of rain water that is typically harvested by the rainwater harvesting system as well as condensation from air-conditioning Units at BOV Centre is over 4,000 cubic metres a year.

Batteries are currently being collected for Hospice under the GreenPak campaign.

Given the permanent nature of the material, metal requires less intervention for it to be recycled as it keeps its material properties. An estimated 15,000kg of metal has been sent for recycling and reuse by the Bank.

Continuous efforts are also made throughout the year to raise awreness among employees to increase their commitment towards the environment, encouraging waste separation and providing regular educational tips about how one can take care of the environment in the long-term by making small adjustments to one’s lifestyle. “Cumulative small steps lead to bigger and more meaningful actions,” concluded Ernest Agius. “For us, this is the spirit of Earth Hour, which we try to live on both an operational and strategic level.”

Maximising Energy Efficiency through Building Renovation

Posted on by Mel Chamber

“Change must be embraced. The bigger the transition the more we should accept it, for it to be a success”, said Prime Minister Dr Robert Abela. The Prime Minister was addressing attendees during the launch of the ‘Maximising Energy Efficiency Through Building Renovation’, an HSBC case study which was a collaboration between The Malta Chamber of Commerce, Enterprise and Industry and the HSBC Malta Foundation.

Prime Minister Robert Abela underlined the significance of this project as a crucial stride towards advancing energy efficiency and conservation standards within Malta’s building and construction sector. Dr Abela underscored the government’s unwavering commitment to continue to enact legislation and foster incentives to facilitate the green transition. He emphasised the pivotal role of the financial sector, noting that banks can make a substantial impact by giving incentives to environmentally friendly buildings through their loan services. “The government welcomes suggestions on how to bolster the financial system’s support for the green transition”, elaborated the Prime Minister, highlighting this transition as the best economic opportunity for our generation.

Achieving Malta’s climate targets requires a transformative shift in the building and construction sector to ensure sustainable living and working spaces. This study lays the groundwork for such a transition, paving the way for future ambitious studies, policies, and strategies. The Prime Minister was given a tour of the building to showcase what type of investment and sustainable measures have been undertaken.

DOWNLOAD THE FULL DOCUMENT & ANNEX.

“HSBC Bank Malta is very proud to have supported and collaborated with The Malta Chamber on this ambitious 3-year ground-breaking project. This collaboration is testament to HSBC Malta’s climate change commitments. HSBC Bank Malta through the HSBC Malta Foundation is paving the way for more advanced research and policymaking and is leading the transition towards more sustainable Maltese buildings. This project sets a precedent locally, where data on utility usage and building efficiency has been scarce compared to other European countries. By featuring our new offices in Qormi, HSBC Hub, as a pivotal case study, HSBC is taking a leadership role in the transition to high energy efficiency and low-carbon office buildings in Malta. We have significantly invested in the transformation of the Qormi complex to turn it into a state-of-the-art office. With a capital investment of €30 million this project will now facilitate flexible working and maximise user experience – for employees and customers alike,” said Geoffrey Fichte, HSBC Malta CEO.

“The study we are presenting here today lays the groundwork for the sustainability transition. It charts a course towards a future where our buildings not only meet our present needs but also safeguard the environment for generations to come. By committing to this research project, we have positioned ourselves as pioneers in Malta, charting unprecedented territory and inspiring others to follow suit. This initiative is not just about meeting targets; it is about redefining our relationship with the environment and prioritizing the well-being of our country,” noted Chris Vassallo Cesareo, The Malta Chamber President.

In a recorded message by Ing. Abigail Cutajar, who headed this case study, said that renovating buildings and making them more energy efficient will contribute to a better economy, GDP and lifestyle. Ing. Cutajar emphasised that this project is meant to incentivise investors and private capitalists to truly understand the value of green buildings which will lead to a reduction in overall emissions.

Dr. Ing. Damien Gatt, during his presentation, said that other important elements, such as education, awareness, training and enhanced compliance, need to be considered to facilitate the transition to more sustainable buildings. “Despite the best assessment methods, updated documentation, and ambitious plans, financing remains pivotal. Public funds have a role, but the bulk must come from private investment, making favorable financing mechanisms from banks crucial. Meeting the EPBD targets requires substantial renovation efforts, however, current incentives are insufficient. We require additional financing mechanisms and a comprehensive green building package, accessible to all, to drive a successful energy transition,” he specified.

The key experts in this project were:
• Ing. Abigail Cutajar
• Dr. Ing. Damien Gatt
• Prof. Ruben P Borg
• Gabby Grech Larsson, Policy Executive (Sustainability), The Malta Chamber