Become a member Members Area

Author: Mel Chamber

Malta Türkiye Business Council 2025-2027

Posted on by Mel Chamber

ETIENNE SCERRI – Chairperson

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.

Malta Ireland Business Council 2025-2027

Posted on by Mel Chamber

JAMES CAMILLERI – Chairperson

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.

Malta Germany Business Council 2025-2027

Posted on by Mel Chamber

ALISTAIR BUTTIGIEG VELLA – Chairperson

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.

ROLAND SCERRI

Roland Scerri is Deputy CEO at Loqus, responsible for business development and commercial strategy. He is actively involved in strategic partnerships across Europe, notably in the logistics and fleet management sectors. Roland has led negotiations on large-scale multinational projects, particularly in supply chain and last mile software solutions. With a keen eye for innovation, he focuses on enhancing operational efficiency and driving sustainable growth. His leadership is marked by a commitment to leveraging emerging opportunities and fostering sustainable business practices, always aiming to deliver long-term value through collaboration, strategic planning, and practical execution.

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.

Malta Cyprus Business Council 2025-2027

Posted on by Mel Chamber

RONALD ATTARD – Chairperson

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.

HSBC Malta Foundation supports BirdLife Malta’s Nature Guardians Summer Course

Posted on by Mel Chamber

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.

BOV posts profit before tax of €135.1 million for first 6 months of 2025

Posted on by Mel Chamber

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.”

HSBC Bank Malta p.l.c.: Strong Half Year Results, Underpinned By Robust Capital And Liquidity

Posted on by Mel Chamber

HSBC Bank Malta p.l.c. and its subsidiaries (‘the local group’) reported strong results in the first half of the year, with profit before tax of €58.7m despite a lower interest rate environment. As a result of our continued strong profit generation, the directors are recommending a gross interim dividend of 10 cents per share, the same level as that paid in the same period last year. The local group remains highly profitable with a return on equity of 12.7% for the six months ended 30 June 2025. HSBC Bank Malta p.l.c. (‘the bank’) maintained its robust balance sheet and strong risk management with a Liquidity Coverage Ratio of 537% and Tier 1 Capital of 22.5% as at 30 June 2025, well above regulatory requirements. The bank continued investing in technology, people and customer service, including recent mortgage campaigns. The bank is positive on the Maltese economy despite global uncertainty.

Key Highlights

  • Profit before tax (‘PBT’) for the period was €58.7m compared to €78.6m in the first half of 2024 reflecting lower revenue from declining interest rates and lower credit loss recoveries.
  • Revenue decreased by €13.6m or 11% driven by lower net interest income. Growth was reported in all other sources of income, including insurance, trading, foreign exchange and trade.
  • A release of €3.0m was reported in expected credit losses (‘ECL’) reflecting our continued adherence to prudent lending policies.
  • Costs were €2.3m higher than the same period in 2024. This increase in costs was largely driven by investment in people, technology and the implementation of regulatory projects mainly delivered through intercompany services. Costs related to the strategic review were reimbursed by the HSBC Group.
  • During the first six months, the local group grew customer deposits by €44.5m while loans to customers decreased by €82.3m when compared to 31 December 2024. New retail lending sales registered growth over the same period last year, mainly driven by secured lending.
  • Profit attributable to shareholders of €38.3m for the six months ended 30 June 2025.
  • Management recommends a gross interim dividend of 10 cents per share, unchanged from 1H 2024, supported by the bank’s strong capital base.
  • The local group remains highly profitable with a return on equity of 12.7% for the six months ended 30 June 2025.
  • The bank maintained its robust balance sheet and strong risk management underpinned by robust liquidity and excess capital position as at 30 June 2025 with a Liquidity Coverage Ratio of 537% and Tier 1 Capital of 22.5%, well above regulatory requirements.

Financial Performance

Profit before tax for the six months ended 30 June 2025 was €58.7m, a decrease of €19.9m over the same period in 2024. Lower profits were driven by the lower interest rate environment and lower recovery of expected credit losses.

Net interest income decreased by €16.8m to €89.8m compared with €106.6m in the same period in 2024. The sustained rate cuts since June 2024 led to narrower interest spreads and lower yields on investment portfolios.

Non-funds income (fees and commissions and trading income) increased by €0.5m as we reported improvement in both transactional and trading income. We continue seeing growth in our key strength area of transactional banking within Commercial Banking and Retail Banking. Of particular note, we achieved another record performance in foreign exchange sales to customers as well as the issuance of both domestic and international guarantees, with totals up 9% on prior year. The Wealth business continued to see steady growth, with assets under distribution increasing by 4% in the first six months of the year despite the volatile global market environment.

Operating expenses increased by €2.3m to €58.4m, compared with €56.1m in the same period in 2024. The main drivers were higher staff related costs, increased amortisation and depreciation and higher costs to ensure compliance with new regulatory requirements. Thus, increased costs reflect our continued investment in people, technology and infrastructure.

During the six months, we reported a release of expected credit losses (‘ECL’) of €3.0m, compared to a release of €7.0m reported in the same period last year. The net release of €3.0m is made up of a release of €3.3m in the retail business partially offset by a charge of €0.3m in the commercial business. The release in the retail business is mainly driven by a re-assessment of the loss rate and loss given default parameters used to calculate ECL on mortgages. On the other hand, a higher weighting was given to the downside scenario of both retail and commercial models in view of the heightened uncertainty in the global macroeconomic environment driven by tariff concerns and geopolitical uncertainty. Other movements in ECL relate to changes in the credit quality of individual customers.

HSBC Life Assurance (Malta) Ltd reported a profit of €6.5m compared to €4.5m in the same period last year. The increase in profits was a result of an improvement in the yield curve partially offset by a non-recurring reversal of losses on onerous insurance contracts reported last year. New business generation on protection and long-term savings, tracked favourably in the first half of the year amid intense competition. The insurance company continued to maintain a very strong capital position with a Solvency ratio as at 30 June 2025 of 247%.

Our Asset Management subsidiary generated a PBT 31% higher than same period last year driven, by an increase in net revenue and lower costs. The growth in revenue is reflective of the higher Assets Under Management of the company.

The effective tax rate was 35% in both periods. This translated into an interim tax expense of €20.4m.

Financial Position and Capital

Net loans and advances to customers amounted to €2,791m, a decrease of €82m or 3% when compared to 31 December 2024. The loan portfolio showed stronger credit performance, with declining delinquency and default rates resulting in further releases of ECL.

The bank’s investment portfolio increased by €197m to €2,488m as the bank continues to invest in the long term to mitigate interest rate risk inherent in the balance sheet. The investment portfolio is composed of highly rated securities and remains conservatively positioned with the lowest investment grade of A-.

Customer deposits stood at €6,203m as at 30 June 2025, an increase of €45m compared to 31 December 2024. While commercial customer balances decreased marginally when compared to 31 December 2024, average commercial deposits for 1H 2025 were higher than 1H 2024. Retail deposits increased by 2%.

The bank continued to maintain very strong capital ratios which exceed regulatory capital requirements. The bank’s common equity tier 1 capital was 22.5% as at 30 June 2025, compared to 22.6% at the end of 2024. The total capital ratio was 25.4% compared to 25.6% as at 31 December 2024.

The bank maintained its commitment to rewarding shareholders with high dividends. We decided to maintain the same level of dividend as last year despite the lower profit in view of the bank’s capital strength. The Board has thus recommended a gross interim dividend of 10 cents per share which amounts to a gross dividend of €36.0m. The interim dividend will be paid on 23 September 2025 to shareholders who are on the bank’s register of shareholders on 20 August 2025.

Customer and Business Initiatives

Wealth and Personal Banking

The bank continued to welcome new customers while deepening its relationship with existing customers with continuous focus on improving how we serve our customers.

Retail deposit balances grew by 2% during the reporting period, and new lending values also improved for the first time in the last four years.

Our Wealth investment business continued to experience robust growth as we aim to support more customers on their protection, regular savings and investment needs, thanks to our personalised relationship-managed service for premium customers, in-house insurance and asset management manufacturing capabilities. Our insurance subsidiary continues to deliver on its commitment to policy holders, reporting a claims payout ratio in excess of 95% for last year.

Throughout the reporting period, we maintained ongoing marketing visibility across various channels promoting our unique customer propositions, credit cards and our various Wealth and Insurance product offers. More recently, we have launched our students’ campaign with a record cashback incentive.

During July, we introduced two limited-time home loan offers with a guaranteed fixed rate of 1.5% until 30 September 2029, aimed at customers purchasing high-value residential properties and/or those investing in energy-efficient homes. The campaign forms part of the bank’s strategy to provide more attractive lending options while encouraging eco-friendly purchases.

We continued to maintain rapid response times for credit applications and for customer servicing queries received through customer calls and secure electronic messaging. Furthermore, work is ongoing to identify and implement process efficiency improvements enabling our front-line teams to serve customers better and in less time.

We continued with the rollout of our new ATM fleet, with 82% of our ATM locations installed with new machines and ongoing work to replace the rest of the fleet by the end of the year. This has reflected well in machine reliability, improving availability and convenience for our customers. Furthermore, we continued to invest in our cards platform and in upgrading customer journeys on SEPA payments. In December 2024, our customers were able to start receiving SEPA payments instantly. We are now aiming to enable customers to originate instant payments through our digital channels in the coming months.

Corporate and Institutional Banking

In a period characterised by international market volatility, the bank continued to successfully deliver on its strategy to offer best in class services to our local and international customers by offering a comprehensive range of award-winning transaction banking services, including foreign exchange and other hedging products, underpinned by expert relationship management.

During the first half of the year, we welcomed customers and key stakeholders to two exclusive economic presentations led by HSBC Global Economist, James Pomeroy. These events provided attendees with valuable insights into the global economic outlook amid uncertain times, reinforcing the bank’s commitment to informed financial decision-making.

We were delighted to celebrate with TradeMalta, which helps Maltese businesses with their internationalisation plans, on its 10-year anniversary in May. We have been supporting it through our sponsorship since its inception, enabling Maltese businesses to grow beyond our shores.

Through our partnership with the Malta Development Bank, we provide access to loans under the SME Guarantee Scheme and the Guaranteed Co Lending Scheme with favourable terms which include longer tenor and reduced collateral requirements. Through these schemes we finance new business investments, particularly in support of a more digitally oriented and sustainable economy. Both schemes were extended until the end of 2027.

We hosted numerous events with top customers to thank them for their trust and collaboration.

Geoffrey Fichte, Chief Executive Officer of HSBC Malta, said:

“We achieved strong results with profit before tax of €58.7m reflecting the strength of our business despite lower interest rates. As a result of our continued strong profit generation in the first half of the year, the directors are recommending a gross interim dividend of 10 cents per share. I would like to thank our customers for their business and my colleagues for their unwavering support to our customers.

We continue to invest in technology, people and customer service while promoting our services through ongoing marketing efforts. We remain committed to helping our customers achieve their aspirations and have recently launched competitive new mortgage campaigns designed to support our customers, both current and future. We renewed important commercial agreements with the Malta Development Bank, Trade Malta, Chamber of Commerce and others in order to grow our commercial banking business.

We are positive on the Maltese economy despite global uncertainty. Malta’s robust and diversified economic growth is well positioned for future success given global trends.

The local group remains highly profitable with a return on equity of 12.7% for the six months ended 30 June 2025. The bank maintained its solid balance sheet and strong risk management underpinned by robust liquidity and excess capital position as at 30 June 2025 with a Liquidity Coverage Ratio of 537% and Tier 1 Capital of 22.5%, well above regulatory requirements.

Our main shareholder continues its strategic review of their shareholding. We are committed to informing the market of any developments aligned to capital market listing rules.’’

Any Amendments to Planning Legislation, Rules and Policies should be part of a Holistic Reform

Posted on by Mel Chamber

Sporadic amendments will worsen the current state of play

The Malta Chamber of Commerce, Enterprise and Industry unequivocally expresses its deep concern on the piecemeal nature of Bill 143 and the judicial review undermining through Bill 144. These ad hoc changes defeat the purpose of comprehensive reform and instead foster a pick-and-choose approach. Despite repeated assurances from the authorities, the long-promised Strategic Plan for Environment & Development (SPED) review has not materialised. SPED 2015, already outdated, was due for review in 2020. Five years later, this essential process is still pending.

A holistic reform requires that:
(i) all policies are aligned with a revised SPED
(ii) all policies are clear and unambiguous, leaving no room for a ‘pick and choose’ approach, and
(iii) it unequivocally determines which planning policies take precedence over others to prevent abuse, misinterpretation and misapplication of policies.

Weakens Participation and Civil Society Engagement

The proposed changes will make the appeals process less accessible and more costly for the public and civil society. The threat of fines acts as a deterrent, thereby weakening participation and civic engagement in matters of national importance. Furthermore, the basis on which one can object are being restricted.

Increases Political Interference

The new discretionary powers given to the Minister, the Planning Board and other organs within the Planning Authority introduce dangerous avenues for subjective interpretation on individual basis, thereby giving rise to lack of transparency, lack of cohesion, lack of clarity and lack of consistency.

Rewards Illegalities, Undermines Rule of Law

Once again, we are seeing the regularisation of illegal developments, which sends a message that flouting the rules pays off. This not only creates an unlevel playing field but undermines those who follow the rules from the start—a blow to ethical business practice, good governance, and long-term competitiveness.

Planning Must Be an Enabler, Not a Threat

If we truly believe in what we preach, Malta’s planning regime must be an enabler of sustainable economic growth, not a source of clientelism, and inequality. The current approach has degraded our urban environment and natural environment, damaged our heritage, overstretched our infrastructure beyond its limit, and negatively impacted quality of life. This is not just a planning issue; it’s a social, economic, and competitiveness issue which jeopardises attaining a well-being economy.

The Malta Chamber urges the Government to halt the current bills and engage in serious, transparent, and broad-based consultation that serves the national interest. This should be done even in view of the current open public consultation on Malta Vision 2050, whereby Government committed to sustainable master land development, citizen-centric urban planning, and preservation of heritage. The bills in question contradict the aspirations of Malta Vision 2050. One begs the question: if the public consultation on Malta Vision 2050 is still open, how come Government is introducing legislative amendments on one of the most important aspects of the Vision without any proper consultation?

BOV Leadership Team visits Hospice Malta

Posted on by Mel Chamber

Bank of Valletta (BOV) has reaffirmed its steadfast commitment to supporting the local community through a recent visit to Hospice Malta by members of its leadership team. The delegation, which included Chairperson Dr Gordon Cordina, CEO Kenneth Farrugia, Chief Operations Officer Ernest Agius, and Antoinette Caruana on behalf of the BOV Foundation, toured the St. Michael Hospice complex to gain further insight into the organisation’s holistic palliative care services.

The visit underscored BOV’s long-standing support for Hospice Malta, whose mission is to provide free palliative care to patients with life-limiting illnesses, offering essential physical, psychological, and emotional support to both patients and their families. During the visit, the Hospice Malta team offered a tour of the state-of-the-art complex and shared their future vision and current needs in delivering specialised care with compassion and dignity.

“Our commitment to Hospice Malta is a reflection of our values as a community bank,” said Dr Gordon Cordina. “The care and compassion shown here is a powerful reminder of the importance of supporting the most vulnerable among us.”  BOV CEO, Kenneth Farrugia added, “As an organisation with deep roots running across our community, we believe in making a positive impact beyond financial services. Hospice Malta’s work touches the lives of many, and we are honoured to continue contributing to this essential service.”

Speaking on behalf of the BOV Foundation, Ernest Agius stated, “Supporting Hospice Malta goes hand in hand with our responsibility to create a positive social impact. Beyond financial support, the Bank, through the BOV Foundation, is keen to explore opportunities for collaboration, such as volunteering initiatives and awareness campaigns, to ensure that this exceptional service continues to thrive.”

The visit also served as a platform to explore new avenues for cooperation, reinforcing BOV’s ongoing commitment to strengthening its relationship with Hospice Malta through both financial and non-financial means.

As one of Malta’s leading community-driven institutions, Bank of Valletta remains dedicated to promoting care, and well-being across the Maltese Islands, building strong partnerships with organisations that make a real difference in people’s lives.