Author: Mel Chamber

Local business leaders remain resilient amid global uncertainty, while Malta’s economy continues to outperform the eurozone.

PwC Malta has published two new editions of its flagship barometers this month: the first CEO Confidence Tracker for 2025 and the second instalment of the Economic Outlook for the year. These publications offer decision-makers timely analysis of current sentiment and forward-looking trends; backed by data, insight and direct input from Malta’s business leaders.

Two-thirds of local CEOs anticipate no or minimal impact from US tariffs

According to PwC Malta’s latest CEO Confidence Tracker, two-thirds of CEOs expect little to no impact from the newly imposed US tariffs. This measured response reflects Malta’s limited direct trade exposure to the US, which accounts for just 3–5% of international activity. The survey, conducted in June and covering over 50 CEOs across major industries, also reveals that business performance has improved significantly over the previous quarter, reaching one of its highest levels since PwC Malta began tracking sentiment in 2021. This aligns with national economic indicators, such as the Central Bank of Malta’s Business Conditions Index, which shows a modest rise above the historical average. Looking ahead, most CEOs share a cautiously optimistic six-month outlook, underpinned by solid fundamentals: projected GDP growth above the euro area average, stable unemployment at 2.8%, and increasing building permits, an important signal of future investment.

Malta’s economic growth slows, but still outpaces the eurozone

According to PwC’s Economic Outlook, Malta’s economy is expected to grow by 4.1% in 2025, outpacing the euro area’s forecast of 0.9%. While this marks a slowdown from the post-pandemic rebound, Malta remains among the most resilient economies in the EU. The report points to a mixed economic picture. Externally oriented sectors like financial services and ICT are driving growth, while construction, real estate and manufacturing are showing signs of contraction. Consumption growth is becoming more selective, with categories like hospitality, education, and communication remaining strong, but broader household spending is showing signs of softening. While Malta’s resilience stands out, the data also flags a slowdown in private consumption per capita and a dip in economic sentiment entering mid-2025.

These indicators suggest that while the country remains ahead of the curve, the pace of growth is beginning to ease. Commenting on the release of both reports, David Valenzia, Territory Senior Partner at PwC Malta, stated: “Understanding where business confidence stands and how economic dynamics are shifting is vital, not just for policymakers but for businesses charting their next move. At PwC, we’re committed to providing data-driven insights that help our clients cut through uncertainty and make decisions with clarity and purpose. Reports like these are part of our responsibility to keep the market informed, so we can all move forward, together.”

Access the full CEO Confidence Tracker from here.
Access the full Economic Outlook from here.

The HSBC Malta Foundation has partnered with Mater Dei Hospital to sponsor custom-designed mugs aimed at raising awareness about the critical importance of recognising and acting immediately in the case of a stroke.

The mugs, which carry clear messaging to dial 112 at the first signs of a stroke, are being distributed among healthcare professionals and the public as a practical reminder of the life-saving value of timely action.

Strokes are one of the leading causes of long-term disability and death in Malta, but research shows that if patients receive emergency treatment within the first few hours of symptom onset, such patients have significantly improved functional outcomes and reduced disability compared to those who do not receive these interventions. In some cases, with timely intervention, a significant neurological deficit can be reversed.

Perit Joseph Attard, COPM at Mater Dei Hospital, said: “This is a simple yet powerful awareness campaign that underscores an urgent truth: time is brain. The faster someone seeks emergency care when experiencing stroke symptoms, the greater the chances of full recovery. We’re grateful to the HSBC Malta Foundation for supporting this initiative, which aligns perfectly with our mission to save lives through education and rapid intervention.”

“We are proud to support Mater Dei Hospital in its efforts to promote stroke awareness. These mugs are more than just a daily item, they’re a visual cue that could prompt someone to act quickly and save a life. We believe that small, well-targeted actions like this can lead to a big impact in public health outcomes,” added Glenn Bugeja, Secretary of the HSBC Malta Foundation.

The mugs were presented to Perit Joseph Attard during a brief ceremony in front of the Stroke Ward at Mater Dei Hospital some weeks ago, reinforcing the ongoing collaboration between the national health service and corporate partners committed to improving community wellbeing. Dr Malcolm Vella – Clinical Chairman Department of Neurosciences, Consultant Neurologist and Clinical Neurophysiologist, and top-level nursing staff of the Stroke Ward were also present for the presentation.

This initiative forms part of the HSBC Malta Foundation’s broader health awareness efforts, with a particular focus on prevention, education, and timely access to care.

On Friday 18 July 2025, Her Excellency Myriam Spiteri Debono, President of Malta, officially inaugurated the 15th edition of the BOV Volleyball Marathon in aid of Id Dar tal Providenza. Forty players, selected from a total of seventy applicants, started the challenge of 53 hrs of non stop volleyball.

In a short speech at the opening of the marathon, the President of Malta, H.E. Myriam Spiteri Debono described Id Dar tal Providenza as a pioneer of inclusion in Malta. The President remarked that the Maltese and Gozitan people are aware of and grateful for the hard work carried out by Id Dar tal Providenza for the benefit of its residents and their families.

President Myriam Spiteri Debono stressed the need for the Maltese people to continue to understand the difficulties that persons with disability and their relatives are going through, while appealing for the generosity of the Maltese and Gozitans so that Id Dar tal Providenza can continue to assist and offer a dignified life to these persons, and be a relief to their families.

In his inaugural address Mgr Martin Micallef, Director of Id Dar tal Providenza welcomed all those present to the 15th edition of the BOV Volleyball Marathon which he described as an annual appointment of sport, solidarity and generosity in support of a cause that is truly close to the hearts of all the Maltese.
He added that this year is particularly special, not only because Id Dar tal Providenza is celebrating 15 years of this marathon, but also because it is marking a historic milestone – the 60th anniversary of the founding of the Home by the visionary priest Mgr Mikiel Azzopardi. Sixty years ago, Mgr Azzopardi dreamed of a home where persons with disabilities would be not only cared for but respected, included, and treated as full members of society.

Today, that dream lives on, stronger than ever. Over the next 53 hours, forty dedicated players will give their all, not just for the love of volleyball, but also to support a just cause. Their endurance, commitment, and team spirit mirror the very values at the heart of Id Dar tal Providenza – the sacredness of life, respect for all, support for families, and a community spirit that empowers persons with disabilities to live with dignity, autonomy, and inclusion. Mgr Micallef thanked all those who made this event possible: Bank of Valletta the main sponsor of this event, the organising committee, the players, volunteers, sponsors and the media.

Kenneth Farrugia, CEO of Bank of Valletta, stated that the Bank is proud of its long standing relations with Id Dar tal Providenza. This is the fifteenth year that the Bank is supporting this marathon, which exemplifies the link between sport and volunteering.

Mr Farrugia added: “As a leading Bank in Malta, we believe it is our responsibility to give back to the community and in this way support Id Dar tal Providenza and the invaluable work done in carrying out its mission. The Bank remains committed to foster this partnership that ties in well with its values, in particular inclusion, and continue helping the more vulnerable members of society.”

Present for the official opening were the Hon. Julia Farrugia, Minister for Inclusion and the Voluntary Sector, the Hon. Dr Jo Etienne Abela, Minister for Health and Active Ageing, the Hon. David Agius, Deputy Speaker and Shadow Minister for Sports, the Hon. Graziella Galea, Shadow Minister for Inclusion and the Voluntary Sector, the Hon. Rosianne Cutajar, Mr Kenneth Farrugia, CEO of Bank of Valletta the main sponsor of the Marathon, Mr Ernest Agius, Chief Operations Officer at Bank of Valletta, representing the BOV Foundation and the Vice-Mayor of Siġġiewi, Mr Ryan Cachia.

In the evening during the three days of the marathon there will be live music on the main stage. On Friday evening from 9:00 pm to midnight, the band Zone 5 will be invited, on Saturday the band Kantera and on Sunday the Spiteri Lucas Band.

On Sunday morning during the marathon, the Archdiocese of Malta will be celebrating the Jubilee of Sport with a fun run for all, that will start at 8.00am from near the San Niklaw Chapel in Siġġiewi and ends up at Id Dar tal Providenza carpark where all those taking part will be given a commemorative medal and will be invited to attend mass celebrated by Archbishop Charles J. Scicluna at the Home’s chapel at 9.30am.

The marathon will be broadcast on the local TV channels.

The public can help by calling the numbers below, using BOV Mobile or PayPal and Revolut or donating online through these Home’s bank accounts.
€15 5170 2012
€25 5180 2013
€50 5190 2070
€100 5130 2044
Pledge Line: 2146 3686
BOV Mobile: 7932 4834

For more information about how one can give a donation one can visit the site: www.sabihlitaghti.org.

To protect customers from fraud and financial crime, Bank of Valletta has introduced new initiatives aimed at enhancing security when customers call the Customer Service Centre or conduct transactions in person at its Branches. The latest initiatives include a more secure customer authentication process when calls are made to the Bank’s Customer Service Centre, along with an SMS notification sent directly to accountholders when they withdraw cash in person at a BOV Branch.

Customers who call the Customer Service Centre are used to replying to security questions before receiving assistance from one of the Bank’s Call Centre Agents. With the recent changes, customers who are registered for BOV Electronic Banking services can log onto their BOV Internet and Mobile Banking once they initiate the call, triggering a legitimate automated process rendered more secure by a customer’s unique login password or biometrics. Customers then identify themselves by stating their name and surname, date of birth and ID number. This combines multiple verification methods in a simpler and faster manner, saving around five minutes of authentication along the way, thereby increasing both efficiency and security simultaneously.

Another recent introduction is the SMS notification being sent out when a transaction occurs over the counter at one of the Bank’s branches. As a result of this new notification service, all cash withdrawal transactions effected will trigger a notification to alert customers and enhance peace of mind and security. This is also very useful in specific instances where a third party can legitimately transact on behalf of the account holder. By means of an SMS on their registered mobile number, customers are being informed of the transaction that has just occurred.

Citing the latest operational improvements, BOV Chief Operations Officer, Ernest Agius, praised the teams involved in improving the Bank’s processes while at the same time enhancing the experience of its customers. “At Bank of Valletta, change is constant. We strive to improve our internal processes, as they, in turn, lead us to better serve our customers. Every process improvement requires time, dedication and commitment from various units across the Bank, and the latest enhancement was a collaborative effort that had one single objective – that of improving customer security. While it is important that customers provide us with the latest updated personal information, and in the case of account notifications, the correct mobile number, we invite our customers who as at today are not registered for BOV Electronic services to call at our Branches or contact our Customer Service Centre to facilitate the registration.”

The Head of BOV Personal Banking Channels, Geoffrey Ghigo welcomed the new initiatives and promised that the Bank will keep on prioritising customer security. “Our 24/7 platforms offer convenience and easy access to finances and also provide real-time account activity. I encourage customers to log in often and check balances and transactions. Authenticating customers when calling our Customer Service Centre is essential. We understand that it may have been lengthy at times, but it remains important nonetheless. The new process is now faster and even more secure. When it comes to over-the-counter transactions, the new SMS notification will offer our customers further peace of mind, offering additional layers of security.”

The Bank reminds its customers that these notifications never ask customers to click on links or visit specific websites. This is in line with the Bank’s continuous efforts to protect customers and encourage them to remain vigilant in the wake of increased fraudulent activity and threats from scammers and fraudsters. If at any time customers become suspicious of any transaction, they are asked to immediately inform the Bank.

A group of HSBC Malta employees have used their voluntary leave day on 24 June 2025 to support the SOAR Service, run by the St Jeanne Antide Foundation (SJAF), in preparing a new retreat space for women and children who have survived domestic violence.

The one-day initiative involved a team of HSBC volunteers helping to clear and tidy the garden of a villa, which SJAF will use to host a live-in retreat focused on healing, empowerment, and connection. The property, which had been unused for some time, required substantial outdoor maintenance to ensure it is safe and welcoming for its vulnerable guests.

The HSBC Malta team assisted with removing overgrown vegetation, trimming bushes and trees, clearing debris, and generally restoring the outdoor space, working under the guidance of SOAR’s coordinators. Gardening tools and safety equipment were provided through joint effects by SJAF and the bank.

Dr Paula Mamo, Deputy Chair of the HSBC Malta Foundation, said: “We are proud to support the SOAR Service, not only financially but also by giving our people the opportunity to contribute their time and energy. This is more than just a clean-up, it’s a show of solidarity with women and children rebuilding their lives after trauma. Our team is honoured to play a small part in helping create a space where healing can begin.”

Shakira Fenech, Head of the SOAR Service, expressed her gratitude: “This retreat will offer survivors of domestic violence a rare chance to reconnect with themselves and others in a peaceful and supportive environment. The help from the HSBC team is invaluable not only in preparing the space physically, but in affirming the community’s belief in these women’s strength and potential. We are truly thankful.”

SOAR is a survivor-led support service that forms part of the St Jeanne Antide Foundation. It offers holistic, long-term support to women and children who have experienced domestic abuse, with services ranging from one-to-one support and peer-mentoring to community events, training, and advocacy.

The European Investment Bank (EIB) and Bank of Valletta have announced a new partnership to strengthen access to finance for medium-sized companies in Malta. Under the agreement, unveiled on Friday, 14^th July 2025, by EIB Vice-President Kyriacos Kakouris and Bank of Valletta Group CEO Kenneth Farrugia, the EIB will provide a €30 million guarantee to support the creation of a new lending portfolio of up to €60 million. This is made possible through a linked risk-sharing structure that facilitates financing for newly originated transactions with eligible large mid-cap beneficiaries. Highlights of the scheme include:

• EIB provides €30 million guarantee to support Bank of Valletta’s lending to Maltese medium-sized companies 
• Operation expected to generate up to €60 million in new financing under a linked risk-sharing structure
• Initiative strengthens mid-cap access to finance and supports long-term economic resilience in Malta

This initiative is designed to enhance the working capital and investment capacity of Maltese mid-sized firms, which play a critical role in the country’s economy and job market.  They are critical to Malta’s economic resilience, innovation, and employment landscape. The new facility will help address liquidity gaps and unlock new opportunities for growth.   

EIB Vice-President Kyriacos Kakouris said, “This agreement is a strong example of how the EIB and commercial banks can work together to strengthen Europe’s local economies. By partnering with Bank of Valletta, we are channelling fresh financing to Maltese businesses that contribute to drive growth, innovation, job creation, and long-term sustainable development in Malta.”

Eligible companies will benefit from more favourable financing conditions, such as increased funding volumes, and favourable terms and conditions. For Bank of Valletta, the risk-sharing arrangement enables more efficient use of capital and balance sheet capacity, allowing for additional lending to the real economy. The operation also helps reduce risk-weighted assets and supports the bank’s strategic goal of enhancing credit access for local businesses.

Kenneth Farrugia, elaborated further by saying, “As Malta’s leading financial services provider, we are committed to supporting the growth ambitions of local businesses. This strategic partnership with the European Investment Bank is the first of its kind in terms of risk sharing instruments targeted at larger mid-sized firms, a vital segment of the Maltese economy. The risk-sharing structure not only boosts our lending capacity but also improves access to credit for businesses seeking to innovate, invest, and scale up their operations. This initiative directly supports our mission to foster long-term economic sustainability and empower local enterprises to thrive in a dynamic global environment.”

This operation is in line with Bank of Valletta’s long-standing role as a key enabler of national economic growth. With a wide-reaching branch network and deep roots in the local economy, BOV continues to support large midcaps through tailored financial solutions and strategic collaborations, such as this agreement with the EIB.

Bank of Valletta continues to strengthen its culture of engagement among its people through events that foster teamwork, creativity, and engagement. The latest such activity was the BOVSSC Quiz Night, now in its third edition, held at the Qawra Palace Hotel. This event, which was organised by the Bank’s Sports and Social Committee (BOVSSC) team in collaboration with Outdoor Living, has grown in popularity over the years, with participation hitting new records in 2025 with 47 teams and 280 employees from across the organisation coming together for a night of fun and friendly competition.

Designed to promote cross-functional collaboration and camaraderie, the Quiz Night challenged participants with trivia questions that tested not only general knowledge but also quick thinking and creativity under pressure. Adding to the vibrant atmosphere, teams arrived in themed costumes, with top awards handed out for the most original and eye-catching group outfits. The winning teams were The Interchangeables coming in 3^rd, team Away took the second spot, while Investaholics were crowned overall winners.

Speaking at the event, Ernest Agius, Chief Operations Officer and President of the BOV Sports and Social Committee (BOVSSC), underscored the broader significance of such initiatives, “Beyond the fun and games, initiatives like these are a powerful way to nurture employee connection, belonging, and a shared sense of purpose. They reflect the strong spirit within our Bank and reinforce the importance we place on building a great workplace culture, truly living up to our promise to being the employer of choice in Malta.”

As Bank of Valletta continues to roll out its calendar of internal events, the BOVSSC remains focused on delivering initiatives that enhance employee experience and promote a thriving, inclusive environment within the Bank.