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Author: Mel Chamber

Bank of Valletta’s role in a national maritime strategy

Posted on by Mel Chamber

“The role and magnitude of the Maritime Industry in Malta is not appreciated enough and the National Maritime strategy currently in the works will help align the goals of all stakeholders and unlock its full potential.” This message was delivered by Kenneth Farrugia, Chief Executive Officer at Bank of Valletta during the Consultation on the National Maritime Transport Strategy conference organised by the Malta Maritime Forum.

Malta’s Maritime and Financial Services sectors have experienced remarkable transformation over the past decades. The maritime industry, once rooted in defence shipbuilding, has evolved into a thriving ecosystem supported by professional services, financial institutions, and a robust regulatory framework. Today, it contributes a growing double-digit share to the national GDP and holds vast potential for further expansion. Similarly, the financial services sector has advanced beyond traditional banking to offer cutting-edge digital solutions, positioning Malta as a leading hub for innovation and financial excellence.

“As Malta’s largest Bank of systemic importance to the economy, the Bank is playing a key transformative role in the Maritime industry by embedding a culture of ESG principles into its financial offerings. This strategic focus is helping to greenify the industry and support sustainable maritime operations,” continued BOV’s CEO.

Recognising the limited availability of shipping finance in Malta, Mr Farrugia revealed that the Bank is currently exploring the potential of syndicated financing within the maritime space. This initiative is being pursued in the wake of the recent modernisation of Malta’s maritime legal framework – paving the way for more flexible and investor-friendly financing structures.

“As an active supporter of the Malta Maritime Forum, Bank of Valletta continues to promote dialogue and collaboration among all the different stakeholders of this most important industry and we emphasise the importance of unity in driving sector-wide progress,” concluded Mr Farrugia.

BOV and curator Elyse Tonna announce call for contemporary artists

Posted on by Mel Chamber

‘Moving with the wind, like waves’ – a contemporary exhibition at the Inquisitor’s Palace

Bank of Valletta and curator Elyse Tonna are inviting contemporary artists to participate in an open call for ‘Moving with the Wind, Like Waves,’ a contemporary art project culminating in a site-specific collective exhibition that will be held at the Inquisitor’s Palace in Birgu in November 2025.

The call is open for emerging and mid-career contemporary artists or collectives based in Malta between Saturday, 7th June 2025, and noon Tuesday, 1st July 2025. Artists are invited to submit conceptual frameworks for new, large-scale interventions that will be developed in dialogue with the curator and the site. Rather than proposing finished works, artists/collectives are asked to respond to the layered, often unseen qualities of the site, producing work that is site-specific, adaptive and embedded in context.

“Moving with the Wind, Like Waves is both a curatorial framework and a methodology – one that invites artists to engage with what often remains unnoticed or undocumented,” says Elyse Tonna. “The process values adaptability, attentiveness, and conceptual depth, encouraging artists to think with the site and propose work that resonates with its less visible layers. Contemporary art interventions on historic sites can open up new ways of relating to them – not through direct representation, but through gestures that uncover subtler meanings and connections.”

The initiative forms part of Bank of Valletta’s Corporate Social Responsibility programme, which continues to support the growth and visibility of Malta’s contemporary art community. Ernest Agius, Chief Operations Officer at BOV, states, “This contemporary art project highlights the Bank’s long-standing commitment to supporting the arts and fostering cultural dialogue in Malta. As a staunch supporter of local culture and the arts, BOV is proud to launch this exhibition, which promises to be a unique platform where artists can express themselves and bring contemporary art closer to the general public.”

The curatorial framework, full guidelines, and submission form are available here. Selected artists will receive curatorial mentorship, production support, and a project budget. The collective exhibition will be accompanied by a publication and public programme. For questions, applicants may contact the team on mwwlw.exhibition@gmail.com by 23 June 2025.

This contemporary art project is commissioned and supported by BOV and is being developed and curated by Elyse Tonna, a curator and architect whose interdisciplinary practice focuses on site-specific, research-led approaches to contemporary art.

HSBC Malta Foundation Continues Financial Capability Workshops with Mental Health Service Users

Posted on by Mel Chamber

The HSBC Malta Foundation has continued its long-standing commitment to financial education by delivering the fifth interactive workshop as part of its Financial Capability Project for mental health service users. The most recent session, held at Mount Carmel Hospital, forms part of an ongoing series tailored to the unique needs of individuals facing mental health and substance use challenges.

The latest session was delivered by Josef Camilleri, Head of Products and Distribution at HSBC Life Assurance (Malta) Ltd., and lead of the Climate Action Network Financial Literacy Programme at HSBC Malta. The session was conducted for a group of individuals currently awaiting admission to rehabilitation programmes, all of whom are receiving care from the Dual Diagnosis Unit. The participants, many of whom have experienced profound financial and social hardship, engaged enthusiastically in discussions around saving, spending priorities, and planning for the future.

Now in its ninth cohort, the project is designed to promote financial resilience and literacy among some of the most vulnerable individuals in society. The initiative focuses on interactive and informal sessions that blend practical tools with real-life examples, encouraging open dialogue and personal reflection.

“These sessions are a vital part of our commitment to supporting the wider community through financial education,” said Glenn Bugeja on behalf of the HSBC Malta Foundation “It’s always humbling to see how people—despite facing serious life challenges—show real willingness to learn, grow, and regain control of their finances.”

Ruth Bajada, Higher Allied Health Practitioner and Occupational Therapist expressed her appreciation for the continued collaboration: “These individuals have faced immense hardship, yet their openness and participation show the importance of these workshops. The fact that they are now thinking about saving and giving back to their families is a powerful testament to the impact of this project.”

In addition, a dedicated financial literacy session was organised for a group of Occupational Therapists.  Through the knowledge gained during this session, the occupational therapists will be better equipped to support participants in the various workshops they lead as part of their professional roles

The HSBC Malta Foundation has been supporting financial literacy initiatives across Malta for several years, with a focus on reaching underserved and at-risk groups. Future workshops are planned in collaboration with the National Mental Health Services to ensure the programme continues to reach those who need it most.

Commercial Courier – Spring 2025 Issue

Posted on by Mel Chamber
MEDIA HUT – MCC Spring issue 2025_digitalDownload

EU Startup and Scale-up Strategy is promising, but national competences must be respected

Posted on by Mel Chamber

In response to the European Commission’s recently unveiled Startup and Scale-up Strategy, the Malta Business Bureau welcomed the initiative as an ambitious step towards reinforcing Europe’s position as a leading destination for innovative startups and high-growth scale-ups.

However, considering the slow progress in integrating the EU’s Capital Markets – deemed crucial for late-stage funding – the MBB remains cautious about the Strategy’s potential to fully meet its objectives.

Commenting on the development, MBB CEO Mario Xuereb stated: “The EU Startup and Scale-up Strategy presents a significant opportunity for Maltese entrepreneurs. By addressing long-standing barriers such as regulatory fragmentation and limited access to scale-up finance, the strategy can significantly boost Malta’s innovative business landscape. Measures that simplify cross-border establishment and improve access to funding and markets could position Malta as a hub for tech entrepreneurship and innovation.”

The Strategy has several promising elements, notably the establishment of regulatory sandboxes to foster innovation, and streamlined pathways for attracting top global talent, including via the proposed ‘EU Blue Carpet’ initiative.

On the other hand, while positive in principle, a 28th regime initiative aimed at simplifying rules for companies when setting up and operating across the Single Market, must also respect national competences in relevant areas such as insolvency, labour and tax laws.

The Commission’s Strategy rightly recognises start-ups and scale-ups as crucial drivers of European competitiveness, job creation, and technological innovation. Key initiatives include simplified and harmonised regulatory frameworks, increased financial backing through mechanisms such as the European Innovation Council (EIC), and the dedicated Scaleup Europe Fund, alongside measures facilitating rapid market expansion and the attraction of global talent.

The Commission’s strategy also proposes ambitious measures such as the European Innovation Act and the establishment of the European Corporate Network, aimed at fostering deeper collaboration between start-ups and larger corporates, particularly in strategic sectors crucial to Europe’s global competitiveness.

Nevertheless, Mr. Xuereb emphasized the importance of follow-through.

“The success of this strategy will rely heavily on consistent and coordinated political action at both the European and national levels. Strategies on their own do not yield results. Their effectiveness relies on the political will to implement reforms swiftly and consistently. Regulatory harmonisation increased cross-border cooperation, and sustained investment commitments must be matched by determined efforts at all levels”.

“Moreover, it is imperative that centralized funding is made accessible to start-ups and scale-ups across the EU through simple procedures,” he continued.

Mr. Xuereb concluded, “This Strategy sets the right direction and augured that Malta proactively takes up the opportunities. Otherwise, we risk missing out on emerging business ideas and prevent businesses – especially those in high-potential sectors linked to innovation, and the green and digital transitions – from scaling effectively.”

BOV holds 51st annual general meeting

Posted on by Mel Chamber

During Bank of Valletta’s 51st Annual General Meeting, BOV shareholders approved a record dividend payout, a share buyback programme, and a bonus share issue.

The Bank’s Chairperson Dr Gordon Cordina and CEO Kenneth Farrugia addressed the shareholders present, highlighting the Bank’s positive performance for 2024 and outlined the Group’s plans for the year. At the meeting, shareholders approved:

  • a record gross dividend payout of €0.2238 per share for the Financial Year 2024, totalling €130.7 million. This dividend is the highest in the past ten years;
  • a Share Buyback Programme that could involve buying up to 2,800,000 shares (pre-bonus issue) from shareholders to enhance trading liquidity. Further information on this program, which is still subject to regulatory approval, will be issued by the Bank over the coming months; and
  • a bonus share issue where shareholders listed on the register as at 26th June 2025 will receive one additional share for every ten shares they hold. This initiative aims to further enhance shareholder value.

This year’s AGM also saw the appointment of two new non-executive directors to the board.

“Providing added value to our shareholders, customers, and the Maltese economy” – Dr Gordon Cordina

Addressing shareholders, Chairperson Dr Gordon Cordina commented on the Bank’s strong, sustainable market position as Malta’s leading financial services institution. He explained that the Bank has generated value to its shareholders in excess of €520 million since 2020, mainly due to dividend payouts and a notable increase in BOV’s share value. “Today we are putting forward a number of initiatives that will continue to add value to our shareholders, who have placed their trust in the Bank and who in turn seek adequate returns on their investment.

Our commitment remains steadfast, as we maintain a proactive approach to optimising our balance sheet, strengthening our financial returns, and ensuring sustainable profitability over the longer term. We have an ambitious program to digitalise processes, ensure that risk and compliance are embedded in our business and operational model, and maintain high capital and liquidity buffers that will support the bank in its growth ambitions. The resolutions put forward for approval are all aimed at providing added value and giving our trusted shareholders the returns they deservedly expect”.

The Chairperson also thanked the outgoing board members for their contribution to the work of the Board over the past years.

“Navigating from Good to Great” – Kenneth Farrugia

In his address to shareholders, Bank of Valletta CEO Kenneth Farrugia provided key highlights of the Bank’s strong financial performance for 2024 and highlighted several key strategic and business initiatives that were implemented over the period under review and others that are currently being taken forward by the Bank.

“The strategy we have implemented over the past years aims to position the Bank favourably for future growth. Central to our strategic journey is the service provided to our personal and business customers. We have enhanced our customer service experience considerably by upgrading our branches, rolling out a program to implement the next generation of ATMs, introducing the concept of financial well-being, launching new digital services such as BOV SmartPay, SEPA Instant Payments, and refining our onboarding and lending processes.

Looking forward, we will soon be launching a new internet and mobile banking platform and will be further announcing other service enhancements in the commercial banking pillar. We will continue to lead by example in the area of sustainability, through the provision of attractive green lending and investment products. Our commitment to the Community also remains at the core of our operations, through a wide-reaching CSR program. Finally, our promise is to keep investing heavily in human capital through extensive learning and development programs, enabling us to retain and further attract the best talent and continue taking the Bank in its journey from good to great.”

Composition of the new Board

The new Board will be composed as follows:

GORDON CORDINA – CHAIRPERSON AND NON-EXECUTIVE DIRECTOR                        

NICOLA ANGELI – NON-EXECUTIVE DIRECTOR                                

INGRID AZZOPARDI* – NON-EXECUTIVE DIRECTOR                       

CHRISTIAN BONNICI WEST – NON-EXECUTIVE DIRECTOR             

DIANE BUGEJA – NON-EXECUTIVE DIRECTOR                                 

KENNETH FARRUGIA – EXECUTIVE DIRECTOR                       

ANATOLI GRECH – EXECUTIVE DIRECTOR                              

ANITA MANGION – NON-EXECUTIVE DIRECTOR                             

HADRIAN SAMMUT – NON-EXECUTIVE DIRECTOR                         

DEBORAH SCHEMBRI – NON-EXECUTIVE DIRECTOR                      

JONATHAN SPITERI – NON-EXECUTIVE DIRECTOR                         

ROBERT SUBAN – NON-EXECUTIVE DIRECTOR                                

SUE VELLA* – NON-EXECUTIVE DIRECTOR                                       

* Subject to regulatory approval and the appointment date shall be deemed to be the date of receipt of regulatory approval.

HSBC Malta Supports Student Career Development Through Mock Interviews at St Ignatius College

Posted on by Mel Chamber

As part of its ongoing commitment to education and youth development, HSBC Malta is once again supporting St Ignatius College’s annual Mock Interview Programme, providing students with valuable real-world exposure and feedback ahead of their future career journeys.

Held at the Secondary School in Ħandaq, Qormi, the initiative saw six HSBC Malta employees participate as interviewers during two sessions held on 14 and 16 May. Through this initiative, Year 10 students experienced realistic job interviews, received individual feedback, and gained insight into employer expectations and workplace communication.

The initiative was organised by the St Ignatius College Career Advisory Team in collaboration with its Personal, Social and Career Development (PSCD) Department within the secondary school, and aims to build confidence, presentation skills, and interview readiness among students as part of their personal and social education.

Glenn Bugeja, on behalf of the HSBC Malta Foundation, commented: “Equipping young people with practical skills and insights is vital for their transition into the world of work. We are proud to support this excellent initiative by St Ignatius College and commend their efforts to create meaningful learning experiences that go beyond the classroom.”

Ann Julene Hili, Principal Career Advisor at St Ignatius College, added: “These sessions offer our students a safe and structured space to practise essential skills that will serve them for life. Having professionals from HSBC Malta share their time and experience not only raises the quality of the experience but also inspires our students to aim high and prepare well. We are truly grateful for their continued support.”

Each mock interview consists of a ten-minute interview followed by five minutes of constructive feedback, with professionals from a variety of sectors participating in panels of three to four. The sessions are supported by preparatory work during PSCD lessons, including the creation of CVs, cover letters, and guidance on professional presentation.

Majority of CEOs Report High Workload and Stress, Study Reveals at Leadership Wellbeing Conference

Posted on by Mel Chamber

A staggering 90% of CEOs report experiencing a high workload, while 77% acknowledge high stress levels in the workplace, according to a recent study conducted among employers and employees across multiple sectors. These findings were unveiled during the conference ‘Who is Taking Care of the Boss?’, organised by The Malta Chamber of Commerce, Enterprise and Industry in collaboration with Willingness Team.

Drawing on both clinical expertise and organisational insight, the conference highlighted the often-overlooked pressures facing those at the helm of businesses. It aimed to identify practical strategies for cultivating a healthier, more resilient leadership culture in Malta – starting with the wellbeing of top-level executives.

During his introductory speech, William Spiteri Bailey, The Malta Chamber President, emphasised that leadership can be a lonely journey, with few safe spaces to talk or seek help. “When employers are under strain, their decision-making suffers, innovation slows, and team productivity declines,” he noted.

“Mental health is something we all need to look out for, and this includes the people in charge. When a leader takes care of their own mental well-being, they are usually more understanding and supportive of the people around them. The same qualities that push someone to become a successful leader or start their own business, like being driven, ambitious and always aiming higher, can also take a toll on their mental health. If that same mindset spreads through the team without clear limits, it can lead to a workplace where people feel overwhelmed, exhausted and burnt out,” outlined Matthew Bartolo, Psychotherapist, Clinical Supervisor and Chair of the Health and Wellness Committee of The Malta Chamber, as he presented the results of the study.

Kindly click HERE to view the survey results.

During a panel discussion titled ‘Strong Leadership starts with a Strong Mind’, Dr Marthese Portelli, The Malta Chamber CEO, noted that strong leadership approach is grounded in open communication, mutual respect, and a clear understanding of responsibilities. “Embracing an open-door policy fosters trust and helps dispel the notion of the ‘lonely boss’, emphasising the importance of relationships across all levels. Effective leaders balance the strategic direction set by the Board of Directors with the needs of employees, acting as a bridge that supports both high performance and morale,” she highlighted.

“True leadership involves understanding people, not just performance metrics. Support structures and empathy play a vital role, especially when navigating both formal contracts and the more complex psychological contracts that shape workplace relationships. The latter, built on trust and mutual understanding, is harder to define but crucial for long-term employee engagement. Misaligned expectations can cause friction, making open, honest communication essential,” said Paul Borg Bonaci, Managing Director at Elia Caterers.

Ramona Galea, Director at ARQ Advisory Ltd, shed light on the evolving role of HR shifting from a compliance-based focus to a strategic, human-centred force. “Today’s leaders must communicate with clarity, empower through trust, and embrace vulnerability as a mark of authenticity, not weakness. Creating a culture that respects professional maturity, and mutual accountability strengthens collaboration and opens opportunities for growth for all parties. Leadership is not just a position, it is a privilege that demands emotional intelligence, courage, and a deep commitment to people-first cultures, but this will only be possible if leaders take good care of themselves, first,” she stated.

“Business leaders are human not machines, facing their own wellbeing challenges. Chronic stress, sleepless nights, skipped meals, and loneliness can be part of a leader’s daily reality, but it does not have to be. Everyone needs to be responsible for their own wellbeing, be it as an employee or an employer. Employees benefit from numerous policies and protections, but who supports the person in charge? Safeguarding leaders’ wellbeing is crucial if they are to keep creating opportunities for others. A healthy body fosters a healthy mind, both essential for effective leadership,” emphasised Danica Cassar, Health Psychologist and Partner at Willingness Team.

“International research shows that self-employed individuals experience higher stress, especially those pushed into it due to unemployment, compared to those drawn by opportunity or success. Sole owners tend to be more stressed than those with employees, as they bear full responsibility. Stress negatively impacts productivity, revenue, decision-making, and can lead to increased costs, health issues, or business closure. Although 9,000–10,000 businesses start annually, 6,000–7,000 also shut down. Stress also affects sleep, relationships, and family time. Causes vary from personal traits to external pressures. After a peak in 2010, stress levels declined in Europe due to better coping strategies. Still, setting work-life boundaries is crucial, even if difficult. The UN warns of a “burnout economy,” urging a shift from relentless growth to rest and reflection,” highlighted Prof. Rose Marie Azzopardi.

AI’s Growing Impact on the Workplace Takes Centre Stage at National Forum

Posted on by Mel Chamber

Artificial Intelligence (AI) is rapidly becoming a vital tool in the workplace, profoundly shaping the labour market. This evolving reality was the focus of the National Discussion Forum organised by The Malta Chamber of Commerce, Enterprise and Industry, the General Workers Union, and the Malta Business Bureau. Held as part of the TransFormWork 2 project, the event explored the societal and employment-related implications of AI, generating several valuable insights.

The forum brought together members of the business community, academia, and employee representatives. It was chaired by Ms Rachel Attard Bondi, Head of Communication, and opened with a welcome address by Mark Bajada, Deputy President of the Malta Chamber. Bajada outlined the global economic and technological transformations driven by AI and underscored the importance of investing in skills and education to prepare Malta for the future.

Mario Xuereb, CEO of the Malta Business Bureau, highlighted the strategic and ethical imperatives of adopting AI, cautioning against the risks of delayed integration. Riccarda Darmanin, Section Secretary of the Forum of Maltese Unions (FWU), focused on the human aspect of AI in the workplace, advocating for continuous learning and upskilling to support workers through technological transitions.

Neil Micallef from the Malta Digital Innovation Authority (MDIA) provided an overview of Malta’s evolving AI regulatory framework, stressing the importance of frequent updates to remain globally competitive. Representing the General Workers Union (GWU), Prof. Alexiei Dingli addressed the need to proactively prepare the country’s workforce and education systems for AI-driven change.

Kotaro Ishi, IMF Deputy Chief of Mission for Malta, and IMF Senior Economist Thomas Pihl shared insights into the economic impact of AI on the local labour market, particularly the urgent need for focused reskilling initiatives. University lecturer and Chair of the Tourism Section within The Malta Chamber, Dr Dylan Seychell, showcased AI-powered projects aimed at improving decision-making and efficiency while maintaining a critical role for human judgment.

In his concluding remarks, Parliamentary Ombudsman Judge Emeritus Joseph Zammit McKean reflected on the legal and ethical dimensions of AI. He emphasised the importance of safeguarding human rights and ensuring that AI governance is grounded in transparency, accountability, and non-discrimination.
The discussion underscored the dual nature of AI’s impact—while automation may threaten jobs in low-skilled, repetitive sectors, AI also drives innovation, increases productivity, and creates new roles that harness technological capabilities. Navigating these changes requires balanced, thoughtful integration of AI with strong human oversight.

A key consensus emerged: human oversight is essential to ensure that AI development aligns with ethical standards and supports inclusive progress. Investing in skills and education is critical to bridging training gaps, preventing social exclusion, and equipping all workers, especially those in low-skilled roles, with opportunities to adapt and thrive.

The forum concluded with a shared vision for AI as a tool to enhance human potential. Speakers called for inclusive policies, ethical frameworks, and sustained investment in education to ensure AI benefits everyone. By fostering open dialogue and establishing a strong governance framework, Malta can embrace AI in a way that safeguards rights, promotes equity, and drives sustainable growth.