Author: Mel Chamber

PwC Malta is pleased to announce the appointment of Joanne Saliba, Michael Borg and Eric Mackay as Partners within the Assurance, Tax, and Advisory service lines, respectively. These appointments came into effect as of 1 January 2025. Each of these individuals brings a wealth of professional experience and expertise, having participated in and led numerous local and international projects.

“I am proud to welcome these exceptional professionals to our expanding team of partners. As our firm continues to grow, and the nature of our services continue to be multi-disciplinary, it is essential that we empower talented individuals to ensure that the firm continues to meet the needs of its clients. I have no doubt that Joanne, Michael and Eric possess the skill and dedication needed to help our clients navigate both local and global challenges and opportunities with integrity, objectivity, and professional confidence, fostering trust within our firm and the broader community,” remarked David Valenzia, Territory Senior Partner at PwC Malta.

Meet the new partners

Joanne Saliba

Joanne joined PwC Malta in 2002 after graduating from the University of Malta and has since built extensive experience in assurance services, with a particular focus on asset management clients. Throughout her tenure, she has successfully led audit teams, guiding them through complex projects while fostering a culture of collaboration and continuous improvement. As Certified Public Accountant
and a fellow member of the Malta Institute of Accountants, Joanne has also expanded her expertise through international secondments to PwC Washington and PwC Milan, gaining valuable insights and experience in global audit practices.

Michael Borg

Michael joined PwC Malta in 2008 while pursuing a Masters in Business Administration. He is a Chartered Public Accountant and Certified Auditor, and a member of both the Malta Institute of Accountants and the Malta Institute of Taxation. With a diverse background that includes five years in the assurance practice before transitioning to tax and legal services, Michael has been managing a large portfolio of Maltese and international clients, providing comprehensive direct and indirect tax compliance and consulting services. His extensive experience includes managing Tax Due Diligence projects, VAT Health Check assignments, and assisting with VAT and Corporate Tax investigations.

Eric Mackay

Eric holds a Bachelor of Commerce and a Bachelor of Accountancy (Honours) from the University of Malta. He is a Chartered Financial Analyst (CFA), a Certified Public Accountant, and a member of the Malta Institute of Accountants. Since joining PwC Malta in 2011, Eric has assisted clients in the asset management, banking, energy, manufacturing, FMCG, hospitality, and telecommunications sectors with various advisory engagements within the Deals practice. Eric is also actively involved within the PwC network, with secondment experiences to PwC Italy in 2015 and to PwC Australia from 2018 to 2020, and ongoing project collaborations with various PwC network firms.

Branch in Ħaż-Żebbuġ closes for refurbishment

Following weeks of intensive work, the Bugibba and Ħal Luqa branches have reopened their doors to customers, offering a modern and refreshed environment designed to deliver customers a superior banking experience. These renovations underscore the Bank’s dedication to continually improve its facilities to meet the evolving needs of customers. Meanwhile our branch in the village of Ħaż-Żebbug has temporarily closed following a small fire that developed in the premises. Plans are now in place for a thorough renovation exercise that will results in a new modern branch providing customers with an elevated standard of service and facilities.

New Look for Ħal Luqa and Bugibba Branches

The newly-refurbished Ħal Luqa and Bugibba Branches now feature a contemporary design, including a new colour scheme aligned with the latest standards for the Bank’s refurbished branches. To better serve customers, both branches now include dedicated privacy areas, providing a comfortable and secure setting for confidential discussions. These spaces reflect the Bank’s commitment to ensuring the highest levels of discretion and client care. The Bugibba branch also introduced a new queue management system, designed to streamline service delivery, reduce waiting times, and improve the overall customer journey.

Throughout the renovation period, the Bank prioritised continuity of service from these locations. ATM facilities at both branches remained fully operational during the process, and nearby branches were available to assist customers, thereby minimising any inconvenience caused by the temporary closures.

Customers are encouraged to take advantage of the online appointment booking system for an even more seamless experience. By scheduling an appointment in advance, customers can reduce their waiting times and ensure timely service at their preferred branch. Both Bugibba and Ħal  Luqa branch are available as options on the system, making it easier than ever to plan a visit.

Ħaż-Żebbug Branch Temporary Closed

Following the minor incident experienced on the 28th December, the planned renovations at the Bank’s branch in Ħaż-Żebbug were brought forward to ensure the safety and comfort of both employees and customers. This thorough renovation will deliver the same modern and customer-focused improvements seen in other recently-upgraded branches. During the closure, customers are encouraged to use nearby branches at Rabat, Qormi and Siggiewi.  The closest ATMs are located in Rabat, Qormi, Siggiewi and Attard. For further information, to book an appointment, or to find specific BOV branches or ATMs, one may visit the Bank’s site.

This Christmas, the HSBC Malta Foundation has once again embodied the spirit of giving, delivering essential support and festive joy to some of Malta’s most vulnerable communities. Partnering with over 30 non-governmental organizations (NGOs), the Foundation orchestrated its largest holiday initiative yet, transforming its executive boardroom into a bustling hub of generosity and collaboration. This time round the HSBC Malta Foundation apart from a number of HSBC Malta employees was also supported by St Francis Secondary School, Sliema and St. Nicholas College, Rabat Primary School.

From basic necessities like food and personal care items to children’s gifts and educational materials, the initiative addressed many needs and brought the magic of Christmas to life for those who need it most. Contributions poured in from HSBC employees, top HSBC Malta clients, and local schools, creating a powerful testament to the strength of community involvement.

Glenn Bugeja on behalf of the HSBC Malta Foundation, highlighted the significance of this effort, when he said, “We are incredibly proud of the impact this year’s Christmas initiative has had. By working alongside a number of incredible NGOs, we’ve been able to reach countless families and individuals, not only meeting their physical needs but also sharing a sense of hope and joy during the festive season. This initiative captures the true essence of Christmas – giving, sharing, and caring.”

The HSBC Malta Foundation’s initiative united organizations with a shared goal of uplifting lives during the holidays with each entity involved playing a vital role in ensuring donations reached those in need, consequently supporting communities across Malta and helping to spread warmth and positivity across the island.

HSBC employees also took the festive spirit into their own hands and through their acts of generosity and team spirit assisted those in need. At the Gżira branch, staff baked Christmas logs after office hours and donated them to the locality’s Parish Priest for distribution amongst those families most in need.

Meanwhile, team members from the Chief Operations Officer’s Office hosted a bake sale to raise funds for the Malta Autism Centre and the Salesians of Don Bosco. Their efforts raised €2,000, which will go toward purchasing a laptop and two tablets for these NGOs, further supporting their valuable work.

The HSBC Malta Foundation’s Christmas initiative continues to shine as an inspiring example of the difference that collaboration, generosity, and care can make during the holiday season, a real ‘Holiday Tradition of Giving’. By bringing together individuals and organizations, the Foundation has not only provided vital support but also reminded everyone of the transformative power of kindness during this special time of year.

Starting today, HSBC Bank Malta is fully prepared to receive SEPA instant payments, thanks to significant upgrades to its systems. SEPA Instant Payments allow euro transactions to be completed within just 10 seconds, regardless of the time or day, including weekends and public holidays.

HSBC Malta has met the compliance requirements for SEPA Instant Payments ahead of the EU regulatory deadlines set for 2025. These enhancements ensure payments received during weekends and public holidays will be immediately posted and value-dated, offering seamless and uninterrupted service to clients.

“SEPA Instant Payments mark a significant step forward in creating a more efficient and equitable payment system across the EU. At HSBC Malta, we are proud to be leading this transition. By completing our system upgrades early and finalising internal testing, we can provide our customers with a reliable and modern banking experience that meets their evolving needs,” Geoffrey Fichte, CEO of HSBC Bank Malta, said of the milestone.

The regulation, which comes into effect in two stages – 8 January 2025 for receiving and 8 October 2025 for sending SEPA instant payments – also mandates equal charges for instant payments and standard SEPA transfers.

HSBC Malta remains committed to delivering innovative solutions while ensuring compliance with regulatory standards, helping its customers benefit from the advantages of faster and more transparent payments.

Rating raised from BBB-/A-3 to ‘BBB/A-2, with stable outlook

In December 2024, S&P Global Ratings raised its long- and short-term issuer credit ratings on Bank of Valletta to BBB/A-2 from BBB-/A-3. S&P Global Ratings also raised the long-term resolution counterparty rating (RCR) to BBB+ from BBB and affirmed an A-2 short-term RCR. The stable outlook reflects S&P’s view that BOV will maintain an additional loss-absorbing capacity (ALAC) ratio well above 4% of S&P Global Ratings risk-weighted assets (RWAs) metrics over the next two years, while preserving the Bank’s dominant market position in Malta and its strong capitalization.

BOV Chairman Dr Gordon Cordina and CEO Kenneth Farrugia expressed their extreme satisfaction on this announcement. Dr Cordina stated, “This upgrade by S&P Global Ratings is yet another testament to the sustained progress that the Bank has been making. A significant part of our efforts has been directed towards restoring sustained profitability and making the BOV Group secure, for the benefit of our stakeholders, shareholders, and the wider community. This upgrade is recognition of this effort, and a reaffirmation that we are on the right trajectory, giving us the confidence to continue along this transformation journey”.

CEO Kenneth Farrugia echoed Dr Cordina’s comments, crediting this positive announcement to the Bank’s clear strategic direction, its transformation program, commitment to excellence and leadership across its operations. In addition, the drive to ensuring that the Bank maintains a strong capital base has been critical in this positive rating. “This upgrade reflects Bank of Valletta’s strong financial position and validates our strategic vision and ongoing efforts to strengthen the Bank’s capital, which will in turn support the growth of our business in the years ahead of us. The very recent successful closure of the €100 million 5% unsecured subordinated bonds (2029-2034), which was fully subscribed within 2 days of its launch to the market, reflects the public’s overwhelming trust in the Bank. This announcement by S&P Global Ratings closely follows the achievement of Company of the Year 2024 awarded by the Malta Stock Exchange in November, which reaffirms the Bank’s position as a leader in the financial services sector and an advocate for sustainability, integrity, and customer-centric values.”

In the update published by S&P Global Ratings, S&P expect the Bank’s dominant market position and strong capitalization to likely continue supporting business stability in Malta over the next few years. Bank of Valletta, it stated, remains the largest bank in Malta with a very strong market share of around 50% in both commercial loans and customer deposits at end-September 2024. It is also expected that the Bank will continue benefiting from supportive economic conditions, marked by solid economic growth.

Bank of Valletta continued its cherished festive tradition by hosting the annual Children’s event for employees’ children on Sunday, 15th December, at the Mediterranean Conference Centre (MCC). This much-anticipated event brought together approximately 700 children, aged 3 to 12, for a morning filled with laughter, entertainment, and festive joy.

The event, meticulously organized by the Bank’s CSR & Events team, featured a variety of activities tailored to three distinct age groups. Professional animators created a vibrant atmosphere, keeping the children engaged with games, performances, and interactive activities in dedicated zones. Every child also received a thoughtfully selected gift, ensuring a memorable takeaway from the day.

Charles Azzopardi, Head of CSR & Events at Bank of Valletta, remarked: “The annual Children’s Event is a hallmark of our commitment to our people. By creating joyful moments for our employees’ children, we celebrate the spirit of the season while reinforcing the values of family, tradition, and belonging that define our culture at BOV. This event is a highlight of our calendar and a testament to the efforts of our CSR & Events team, who work tirelessly to ensure its success.”

In addition to the engaging activities, seamless logistics, including a shuttle service from Floriana to MCC, ensured that the experience was enjoyable for all.

This decades-old tradition is a cornerstone of BOV’s focus on employee well-being and engagement, demonstrating the Bank’s dedication to fostering a family-oriented workplace and celebrating the people who drive its success. By investing in moments that matter, BOV strengthens its reputation as a supportive and community-focused employer.

Bank of Valletta reaffirmed its commitment to supporting the Malta Community Chest Fund Foundation by presenting a remarkable €310,000 during this year’s L-Istrina live broadcast. This substantial contribution reflects the Bank’s dedication to making a difference in the lives of individuals and families in need, especially during the festive season.

This year, BOV’s contribution to L-Istrina comprised of three separate donations. The first was a sum of €60,100 collected through the L-Istrina BOV Piggy Bank Campaign. Thousands of children across primary and secondary schools in Malta and Gozo participated by donating through specially designed piggy banks, emphasising the importance of cultivating generosity and solidarity from a young age. The Bank also presented its annual donation of €200,000, a significant contribution that has become a cornerstone of its support for the Malta Community Chest Fund. In celebration of the Bank’s 50th Anniversary, BOV made an additional donation of €50,000, underscoring its ongoing commitment to the community.

During the live broadcast, BOV CEO Kenneth Farrugia, accompanied by Head of CSR & Events Charles Azzopardi, presented the donations. Speaking on behalf of the Bank, Mr. Farrugia expressed his heartfelt gratitude to all those who contributed to this year’s campaign. “We are deeply grateful to the children, parents, and school staff who participated in the L-Istrina BOV Piggy Bank Campaign. Their small acts of kindness have collectively created a significant impact, not just through the funds raised but also by fostering a sense of community and altruism in our younger generation. We are proud to demonstrate our enduring commitment to supporting initiatives that bring hope and relief to those who need it most.”

Now in its 21st year, the L-Istrina BOV Piggy Bank Campaign has become a staple of the Bank’s Corporate Social Responsibility efforts, contributing over €3 million to the Malta Community Chest Fund. The Bank’s contribution this year reaffirms its role not only as a leader in the financial sector, but also as a supporter of worthy community initiatives. The initiative also reflects the Bank’s dedication to environmental sustainability, with the piggy banks crafted from recycled materials. As the Bank marks its golden anniversary, it remains committed to driving positive change and making a tangible difference in the lives of the Maltese and Gozitan communities.

This Christmas, HSBC Malta is bringing holiday cheer to employees and their families through a series of festive initiatives designed to create magical moments and celebrate the season together. Organised by the HSBC Sports and Social Committee (SSAC), the events combined fun, entertainment, and seasonal spirit, making the holidays truly unforgettable for all who participated.

Among the highlights was a Christmas cinema experience, where children enjoyed a screening of a popular family film in a welcoming and inclusive environment. The event featured popcorn, refreshments, and a special visit from Father Christmas, who delighted the young attendees with gifts and festive cheer. Several youths from the NGO S.T.A.N.D. (Striving Towards Ability Not Disability) were also invited to join this year’s kids party. The group S.T.A.N.D. works to facilitate the integration of young people with disabilities from different parts of Malta by organising cultural and entertaining outings, religious activities, drama, crafts, games, parties, and more. Additionally, they provide support for the parents of these young people.

Children and their families in Gozo were also treated to a fun-filled gathering at a local entertainment venue, offering activities like bowling, festive meals, and an interactive bouncy castle. The event provided an opportunity for laughter and togetherness in a lively and engaging setting.

Capping off the festive celebrations, HSBC hosted a Christmas Cocktail Party for employees at the iconic Casino Maltese in Valletta. The evening featured live music from renowned local artist Kurt Calleja, who set the tone for a joyous and vibrant celebration. Attendees enjoyed festive beats, great vibes, and the chance to come together in a relaxed and stylish atmosphere, making the event a highlight of the holiday season.

“At HSBC Malta, we are dedicated to fostering a workplace culture that values connection and community. These events reflect our commitment to supporting employees and their families, bringing them together to celebrate the festive season with joy and togetherness,” said Glenn Bugeja on behalf of the Sports and Social Committee.

Through these thoughtful initiatives, HSBC Malta continues to demonstrate its focus on nurturing an inclusive and family-friendly environment, ensuring the holiday season is filled with joy, laughter, and cherished memories for all.