Author: Mel Chamber

As the BNF team launches itself with renewed energy into this new year’s commitments, it takes a retrospective glance at the many community projects and initiatives that left a significant imprint on several groups and organisations. Under the umbrella of Environmental and Social Governance and with a combination of centrally organised events and voluntary work on the part of employees and their families, the team proudly looks back at some of the highlights and the support it has given local organisations, promoting compassion, inclusion and engagement.

Staff members gave their time, energy and resources during an event at RMJ’s Horse Rescue’s sanctuary in Siggiewi – a local organisation devoted to providing a second chance at life for horses rescued from neglect or those with special needs, by rehabilitating them and eventually rehoming them. BNF staff together with their children spent a delightful day and supported the team of RMJ by interacting with the horses and feeding them.

Other staff members generously donated their pre-loved items for Inspire’s thrift shop, further contributing to the organisation’s mission of empowerment and self-sustainability.

With the aim of fostering a culture of environmental responsibility, BNF supported Maltese NGO ACT to increase awareness about the importance of indigenous flora. This collaboration aligns with BNF’s broader dedication to sustainability initiatives. The partnership featured a successful hands-on educational workshop held with the Bank’s corporate team. The opportunity was then extended to all staff members who showed interest to volunteer.

Across the Bank’s employee base, regular monthly staple initiatives see the team pitch in funds for various causes, including Hospice and the Malta Community Chest Fund Foundation via a monthly automatic payroll donation. Every month, this initiative is topped up via the #YourCause initiative where employees recommend groups and causes for a monthly fund collection supported by Management.
Karl Dingli, Head of Human Resources, Property and Administration at BNF Bank said: “These events demonstrate our core values of compassion, teamwork and involvement in the community. We take much pride in supporting local organisations that promote welfare, inclusion and social impact. And our employees regularly take on the Bank’s social commitments with energy and dedication, spurring us further to continue to seek opportunities to serve and support the local community. We are now already busy brainstorming and pooling ideas, so that we can take our drive and energy forward, to continue making positive change happen.”

“As a partner of the Malta Maritime Forum since its inception, Bank of Valletta’s relationship with the shipping industry has been vital for the operation of international trade and commerce, which is so important for Malta due to its insularity”. This was stated by Kenneth Farrugia, CEO at Bank of Valletta during the recently held Malta Maritime Forum progress meeting.

“At BOV we recognise the long tradition of maritime services in Malta and seek to play our part by using our expertise to assist our clients to succeed in their shipping related businesses. Our blend of knowledge, skills and expertise allows us to provide tailor-made financing solutions, designed to protect the interest of our customers and create value that drives them to success’.

BOV is increasingly looking at ways to finance more sustainable and environmentally friendly shipping practices, such as low-emission vessels, retrofitting projects and supporting the development of new technologies.”

Kenneth Farrugia continued by saying, “We are currently embarking on a multi-year program of initiatives aimed at reducing greenhouse gases. As a leading financial institution, we continue to be actively involved in supporting the transition to a net-zero sustainable future and look forward to supporting our clients with innovative financing products focused on the reduction of emissions’.

In a brief address, Malta Maritime Forum Chairman, Godwin Xerri said that the Malta Maritime Forum represented one of the mainstays of the Maltese economy and was proud to collaborate with one of the main players in the island’s economy – Bank of Valletta. “The Forum actively leverages the support and expertise made available through our cooperation with the Bank to strengthen the availability of maritime-related data and statistics at the local level as well as to increase the exposure of maritime services offered by Malta-based companies abroad. Through the sharing of knowledge and best practice, the Forum looks forward to consolidating relations between the Bank and maritime operators thereby ensuring due recognition for their valuable contribution to Malta’s economy.”

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PwC Malta has recently announced the appointment of Michael Formosa, Chris Mifsud Bonnici and
Andrew Schembri as Partners within the Assurance, Tax and Advisory service lines respectively. These
admissions have taken effect as of 1 January 2024. All of the appointed individuals bring with them
years of professional experience and expertise gathered from participating in and leading both local
and international projects.

“I am really proud to welcome three valued professionals to our growing team of partners. The more
our firm grows, and business becomes more complex, the more important it becomes to empower hard
working individuals to continue taking the lead. I truly believe that Michael, Chris and Andrew will
contribute greatly to the success of PwC Malta. They are fully equipped to support our clients with
addressing global and local challenges while ensuring that they do so with integrity, objectivity,
professional confidence, and due care to build trust within the firm and in society and solve important
problems,” remarked David Valenzia, Territory Senior Partner at PwC Malta.

Furthermore, during the 2023 PwC Annual Conference held on 22 December, the outstanding career
of Joseph Camilleri was celebrated in view of his retirement from the firm. He joined the firm back in
1981 as a student trainee Chartered Accountant. His career was marked by excellence and dedication,
and he joined the Partnership in 1994. In 2019, he became the head of PwC Malta’s Advisory practice
that provides deals, consulting and digital services to an extensive portfolio of public and private sector
clients.

“It has been a pleasure being on this journey at PwC Malta with an excellent professional like Joe.
Throughout his career he has led, mentored and contributed greatly in building the strong local
presence of PwC Malta. In the name of all Partners and staff at PwC Malta, I wish him a wonderful,
well-deserved retirement,” concluded David.

Meet the new Partners

Michael is the latest partner within the Assurance line of service at PwC Malta. He joined the firm in
2007, after obtaining a Bachelor of Honours Accountancy degree from the University of Malta.
Throughout the 16 years of audit experience at PwC Malta he serviced a variety of high-profile clients,
including a number of listed entities, within the Banking, Insurance, Telecommunications, Real-estate
and Local family industries. He has also led a number of advisory engagements for public institutions.
Michael complemented his audit experience at the Banking & Capital Markets unit at PwC New York
and participated in a number of international PwC network quality assurance assignments.

Chris joins the Partnership as part of the Tax Service line, where he helps drive the firm’s governance,
risk and compliance offering. He has a keen interest in regulatory trends and innovation, and is
focusing on digital finance and ESG/sustainable finance related initiatives. He is experienced in
advising asset management and other regulated businesses on tax, structuring and regulatory matters.
He joined PwC Malta in 2013 after three years with PwC Legal LLP in London and is a dual Maltese
and English qualified lawyer. He specialised in International Commercial Law at Kings’ College,
London and is an associate of the Association of Chartered Certified Accountants (ACCA).

Andrew is a new partner within the Digital Services team at PwC Malta, with experience in digital
consulting and a specialised focus in Information Security Management. He joined the Advisory line of
service at PwC Malta in 2011 following the completion of a Bachelor of Accountancy (Hons.) degree
from the University of Malta. Throughout his career, Andrew has demonstrated a deep understanding
of the intersection between technology and risk management, especially as it relates to businesses
operating in regulated industries such as Banking, Gaming, Insurance and Telecommunications.
Between 2018 and 2021, he also spent 2.5 years working with PwC US in the San Francisco Bay Area
where he had the opportunity to work with leading global technology, e-commerce and semiconductor
companies.

Atlas Insurance PCC, a leading insurer in Malta and Protected Cell Company (PCC) in the EU, proudly announces two significant milestones. The company has successfully obtained authorisation for its UK branch and extended its non-life insurance and reinsurance licenses to encompass life reinsurance.
Having been active in the UK market since 2010, the UK branch authorisation ensures continuity for existing cells to continue writing UK risks post-Brexit and reaffirms Atlas Insurance PCC’s commitment to its UK partners.

The PCC’s UK branch uniquely enables companies and insurance intermediaries with UK risks or customers to set up their own protected cells offering insurance directly to their customers or insuring their own UK risks, reducing the barriers to entry to retaining insurance risk and accessing the lower-cost reinsurance market.

Cells hosted by Atlas Insurance PCC can write non-life insurance risks directly across both the European Economic Area (EEA) and UK markets and reinsure both life and non-life risks, marking a significant expansion in the range of services offered.

With the license extension to include life reinsurance, Atlas is responding directly to customer demand, showcasing its dedication to meeting client needs and expanding its range of services. Atlas has licenced its first cell reinsuring consumer products with non-life and life benefits. The licence opens up other opportunities, such as in employee benefits programmes that reinsure group life business for the cell owners’ groups.

Atlas Insurance PCC has always been at the forefront of innovation in EU-based insurance protected cells. It holds the distinction of being the world’s first traditional insurer to convert to a protected cell company.
“Our UK branch marks our first physical branch outside Malta, an exciting milestone as we begin celebrating our centenary,” said Matthew von Brockdorff, CEO of Atlas. “These advancements are a testament to our commitment to innovation and responding to emerging needs of our international customers and partners.”

Michael Whitfield, Head of UK Branch for Atlas, shared “The authorisation of our UK branch reinforces our unique position as both a traditional insurer in Malta and a host for cells writing consumer and captive insurance in the EU and UK. This expansion demonstrates our team’s dedication and expertise in navigating complex regulatory environments.”

Ian-Edward Stafrace, Chief Strategy Officer at Atlas and head of its international business, added, “Our extended reach into the UK market and the inclusion of life reinsurance in our portfolio positions us to serve our clients even better. As an independent PCC host, we are also extending the win-win opportunities for global insurance and captive management companies and consultancies and their customers, whether for retail insurance or captive risk financing.”

Atlas Insurance PCC’s commitment to innovation and excellence has solidified its reputation as a leader in the insurance industry. With its recent expansions and the continued drive to serve its clients better, the company is poised for even greater success in the future.

Celebrating our direct investment in our people and the quality of service offered to our customers

Bank of Valletta celebrated with its people during a formal Graduation event that was attended by the Bank’s senior management, including Chairman Dr Gordon Cordina and CEO Kenneth Farrugia. Aptly named Proud of Our People, the event was the culmination of a year of online and in-person training programmes driven by the Bank’s Learning and Development Centre. The evening saw 151 employees graduating in a broad spectrum of awards and qualifications, all of which are recognized by the Malta Further & Higher Education Authority and are qualified under the Maltese Qualified Framework in MQF Levels 5 and 6.

In his brief opening address, Dr Gordon Cordina expressed his delight at witnessing the breath of learning opportunities made available by the Bank, both in-person as well as through the self-learning platform, and the keen response of its people, with several courses being overbooked within days or even hours of being launched. He went on to explain that “providing training is only one important facet of our people’s development. There is also a collective responsibility among senior management and team leads to ensure that our people are finding their jobs challenging and rewarding, whilst we approach learning with humility, grateful for the opportunities to improve ourselves and generous in sharing our knowledge with our peers.”

Speaking during the event, Kenneth Farrugia explained that the Bank recognizes the sacrifice put in by its people to pursue their studies while working full-time. In addition to the 1,100 employees who attended in-house courses, over 700 employees have attended or are attending external courses and reading for different qualifications during 2023. “As a Bank that aspires to be the Employer of Choice, we understand that our biggest asset is human capital. In a bid to truly be a learning organisation, we choose to invest in our people, through various initiatives including study grants, with 2023 seeing over 100 applications approved.” In addition, the Bank supports its people through both study loans and study leave. Referring to the Bank’s customer-driven strategy, Mr Farrugia emphasized that the Bank’s strategy hinges on its people, who are the fulcrum of its drive in various fields, including business, risk management and governance, as well as its operations and support functions.”

Ray Debattista, Chief People and Culture Officer, also addressed the new graduates, outlining the different initiatives undertaken by the Bank to strengthen its position as the Employer of Choice, through investment in technology as this year saw the Bank launching a new interactive online learning platform, and designing new courses in response to market needs, including a brand new onboarding programme. He also mentioned the Bank’s suite of benefits, both financial such as the Bank’s voluntary occupational pension scheme and non-financial like the different family-friendly measures in place, and the Bank’s Brain Waves programme that encourages people from across the organisation to put forward their recommendations and rewards them. He concluded by saying, “As an organisation, we have changed and we shall continue to change and evolve because we need to remain relevant, leaders and catalyst of change.” He reiterated his belief that the Bank’s future success is underpinned by the hundreds of people who continue to drive change and improve themselves and the service offering to our customers.”

During the brief event, every employee present received a commemorative certificate. This was followed by a toast led by Dr Tania Camilleri from the Learning & Development team. A small reception for graduates and management followed.