Serious concerns about Prime Minister statements and their potential repercussions on the country’s stability
The Malta Employers’ Association, The Malta Chamber of Commerce, Enterprise and Industry, as well as the Malta Chamber of SMEs stated that the current situation regarding the magisterial enquiry on the Vitals Hospitals deal poses a serious risk to economic stability and Malta’s international reputation.
The attacks on the judiciary strike at the heart of Malta’s democratic credentials and challenge basic principles of governance. Malta, having already suffered through being grey-listed, cannot afford further reputational damage. Branding individuals, organizations, and institutions as ‘the establishment’ or enemies of the state does not contribute to the cause of justice.
The perilous nature of the situation is underscored by the potential for destructive alienation and tension within society, posing significant threats to social and economic well-being, and weakening the rule of law. In light of these challenges, there is an urgent need to promote public trust in the justice system and apply all legal remedies to ensure that the innocent are acquitted and the guilty are held accountable.
The employer bodies stress the importance of transparency and accountability in upholding the integrity of our institutions and the rule of law. It is imperative that the findings of the inquiry are not subject to speculative conjectures that undermine trust in judicial institutions. Any criminal proceedings warranted, should happen without any political interference or threats to the judiciary. The judicial process must be allowed to take its course. Any attempts to undermine the integrity of the inquiry only serve to erode public trust in the institutions and compromise Government’s future standing.
In light of these pressing concerns, the employer bodies call for prompt and responsible action to safeguard democracy and stability in Malta. An urgent meeting of the Malta Council for Economic and Social Development (MCESD) is imperative to address these critical issues and provide the required reassurance that the national interest will not be undermined by partisan agendas.
Ten university students were inducted into the 2023 Dean’s List within the Faculty of Arts at the University of Malta. This is the 28th edition of the Dean’s list, and Bank of Valletta has been the main supporter of this initiative since its inception.
Induction in the Dean’s list follows very stringent criteria, where students have to obtain a Grade ‘A’ or better in at least 80 credits from 120 during the first two years of their course without ever failing in any credits, adding to the prestige of this award.
Professor Domenic Fenech, Dean of the Faculty of Arts at the University of Malta and Charles Azzopardi, Head CSR at Bank of Valletta, met the inductees and presented them with a commemorative certificate as well as a monetary donation on behalf of Bank of Valletta.
‘The fact that for the third year running, we have quite a large number of students qualifying for the Dean’s list is testament to the students’ body commitment to their studies as well as to the high level of educational programmes available at the Faculty of Arts of the University of Malta,’ said Prof Fenech. ‘We are very proud of our students and their listing in the Dean’s list puts them in the top category of students and will definitely be an asset to them in their future careers.’
‘Bank of Valletta’s sponsorship of the Dean’s List aims to foster academic excellence and recognize students who achieve outstanding performance in their respective fields of study,’ said Charles Azzopardi. ‘The Bank has been supporting this initiative since its inception 28 years ago in line with its commitment towards excellence in education within the Community in which we operate and we work hand in hand with educational institutions to celebrate and promote outstanding academic performance among the students .
The following are the students who were inducted in this year’s Dean’s list:
Daniel Attard (B.A. Honours Maltese with Philosophy), Pauline Bartolo (B.A. History of Art and Philosophy), Julia Bojar (B.A. Honours Linguistics with Arabic), Amy Borg (B.A. Maltese and English), Antea Buro (B.A. Classics and Dance Studies), Julianne Caruana (B.A. Honours English with Linguistics), Mikiel Anglu Guzeppi Stiefnu Cassar (B.A. Honours Anthropology with Sociology), Laurence Schumacher (B.A. Honours International Relations with Near Eastern Studies), Maxine Tanti (B.A. German and Maltese), Nicole Vassallo (B.A. Honours German with Maltese).
The HSBC Malta Foundation is delighted to be one of the main sponsors supporting ‘Curious Beauty: An Alternative Costume Exhibition’ hosted by Fondazzjoni Patrimonju Malti at the historic Palazzo Falson. The exhibition, which opened on April 14 and will run until June 16 2024, showcases a remarkable collection of historic costumes and accessories presented through contemporary art installations.
Under the artistic direction of Caroline Tonna and Francesca Balzan, the exhibition provides a unique view of Malta’s rich cultural heritage within the walls of the medieval Palazzo Falson. The event is part of HSBC’s ongoing commitment to supporting arts and culture in Malta, enriching the community’s engagement with its history and artistic legacy.
Geoffrey Fichte, CEO of HSBC Bank Malta, stated, “We are thrilled to support the ‘Curious Beauty’ exhibition, which not only celebrates Malta’s historical and artistic richness but also offers a creative platform for educational and cultural exchange. This partnership reflects our dedication to the preservation and appreciation of the arts as a vital part of community life.”
Michael Lowell, CEO of Fondazzjoni Patrimonju Malti, commented, “HSBC’s support is invaluable in bringing this exhibition to life. ‘Curious Beauty’ offers a fresh perspective on our historical assets, making them accessible and relevant to both locals and visitors alike. We are grateful for HSBC’s commitment, and our other sponsors, which significantly enhances our ability to showcase Malta’s unique heritage in an engaging way.”
Visitors can enjoy a range of events, including exclusive tours, workshops for children, and prosecco tours by the artistic directors. These events are designed to deepen the appreciation of the exhibits and offer interactive experiences for all ages.
Tickets and a schedule of events are available at Palazzo Falson, with extended opening hours to accommodate interest. Booking for specific events is essential.
For more information about the exhibition and to book tickets, please contact:
The beginning of 2024 marks a promising start for the Bank of Valletta Group as it maintains its strong financial standing, achieving a profit before tax of €63.7 million for the first three months of 2024, a 36.8% increase over the same period in 2023. These results reflect the Group’s thrusts to grow its commercial and retail loan portfolios, as well as deploy excess liquidity in high quality treasury assets.
This positive performance was influenced by the improvement in the Group’s operating income, reflecting a growth of 22.9% to €117.4 million when compared with the same period in 2023. This was driven by increased returns both from an interest and non-interest income perspective. Net Interest Income stood at €98.3 million, an increase of €24.8 million when compared with the first quarter of 2023. This reflected additional expansion in both the customer lending and proprietary investment portfolios over the last 12 months, as well as improved rates on cash balances. Net fee and commission income was up by 11%, mainly influenced by higher amounts being achieved on credit-related business.
Operating costs including strategy amounted to €49.1 million, equivalent to a 6.8% increase on previous year results, as the Bank sustained its efforts to enhance talent, improve compensation and benefits, invest in technology, and comply with regulations. The Cost to Income Ratio continued trending downwards, standing at 41.8% in the first quarter. These developments were reflected in a 20.4% pre-tax Return on Average Equity, which is a 4.4% improvement over that recorded in the first quarter of 2023.
The Bank’s balance sheet optimisation strategy related to the deployment of cash reserves into medium-to-longer-term interest-bearing assets continued, with the main shifts registered from balances with central bank to the credit and investments portfolios. With a gross loan-to-deposit ratio of 53.4% and strong sanctioning levels of business and retail loans, the Group is well positioned for further growth and to deliver its 2024 targets. The €47 million reduction in the deposit base equivalent to a 0.4% drop on FY23 end results aligns with expectations; nevertheless, the Group retained high levels of liquidity.
These results allow the Group to continue operating a robust capital position with the Common Equity Tier 1 (CET1) closing at 21.5%, which is well above regulatory thresholds. The net asset value per share at the end of the first quarter of 2024 stood at €2.2 per share.
“A strong first quarter, with sustained momentum in business growth” – Dr Gordon Cordina
Speaking during the announcement, BOV Chairman Dr. Gordon Cordina expressed satisfaction on the BOV Group performance. “These positive results are extremely encouraging and are testament to the Bank’s ongoing efforts to grow its core business. The operating performance of the Group’s revenue pillars was well in line with established targets, with market share (residents) figures on business portfolio also very encouraging with the percentage closing in on the 49% mark.
While the European Central Bank (ECB) has maintained the rate on its Deposit Facility fixed at 4% since September 2023, it is expected that the ECB may consider appropriate to start reducing the current level of monetary policy restriction sometime in 2024. In preparation of a falling interest rate scenario, the Bank has been proactively restructuring its balance sheet, through the redeployment of treasury funds into longer term assets, and a productive expansion in good-quality credit. The Bank’s exposure to cyclical fluctuations in rates has thus been reduced and this should generate a more stable positive performance over time.
We also believe that Malta’s current and near-term economic environment has remained benign, supporting our positive expectations vis-à-vis further growth in our loans, and the preservation of asset quality over the coming months.”
“These results show that we are steering the Bank from good to great, aiming to meet our customers’ expectations and deliver sustainable growth in the process” – Kenneth Farrugia
BOV CEO Kenneth Farrugia echoed Dr Cordina’s comments. “In the first quarter of 2024, the Bank continued to strengthen its position as a leading financial institution in Malta. During this quarter we have seen improvements in operating revenue, an increase in net loans and advances across our commercial, home, and personal loans business lines, as well as growth in green lending. During the quarter, €58 million of green loans were originated by the business, equivalent to nearly 9% of total sanctioned facilities.
This performance is being sustained by an ambitious strategy for 2024-2026. Over this first quarter we have successfully taken forward several initiatives to enhance employee satisfaction and productivity, including training, wellness, flexible work arrangements, competitive compensation packages and a more inclusive and diverse work environment. Our focus on customer experience remains unwavering and we are continually working on enhancing our service delivery and product offering. We have also been making significant strides in streamlining processes and automating routine tasks. In line with our commitment to uphold the highest standards of corporate governance, we also continue to make significant investment in ensuring full compliance with regulatory obligations.”
Both Chairman Dr Gordon Cordina and CEO Kenneth Farrugia thanked customers, shareholders, and employees for their continued support and commitment to the Bank as it supports the growth and development of Malta’s economy and seeks to achieve its overarching goal of being the Bank of Choice and Employer of Choice in Malta.
The Malta Business Bureau (MBB) is proud to commemorate Malta’s 20th anniversary as a member of the EU, which is a milestone marking two decades of growth, modernisation, and shared prosperity.
Since joining the EU on 1st May 2004, Malta has made significant strides in various economic sectors, and has positioned itself as an attractive location for companies to do business in Europe. This is largely owing to the EU Single Market, the jewel in the crown of the European project, which provides businesses with wider market opportunities and a greater pool of consumers and workers.
EU membership has also allowed Malta to benefit from a significant mobilisation of funding opportunities to support the improvement of infrastructure, education, technology, and to help Maltese businesses in their development and growth.
Over the last two decades, the EU itself has weathered significant challenges, including a financial and debt crisis, Brexit, an unexpected pandemic, and growing geo-political wars on its borders and close neighbourhood. At the same time, the EU has renewed its focus on certain key issues as it aims to become a world leader in the green and digital spaces.
Malta’s 20th anniversary coincides with the European Parliament election taking place in June this year, followed by the appointment of a new College of Commissioners shortly after. This stands for a delicate time in which the EU is facing growing pressures to strike a better balance between its policy agenda and ensuring the competitiveness of European businesses.
Ahead of the next EU term (2024-2029), the MBB has published its business priorities which shed light on the most crucial opportunities and challenges effecting Maltese businesses going forward.
Commenting on the Maltese business priorities, MBB President Alison Mizzi said “The EU is expected to keep its momentum and build upon the legislation adopted over the last five years. Stronger commitments will be reached to reduce emissions further, while technological advancements and their related risks will require new legislation. Our call is for EU policymakers to remain mindful of the heavy implementation costs which businesses are already facing and of Europe’s degrading competitiveness compared to other countries such as the USA and China.”
The publication is structured along three pillars: Competitiveness and Growth, the Green Transition, and the Digital Transition. Ensuring competitiveness is nonetheless a priority which features throughout and is expected to gain increasing importance in EU policy circles over the next term. The MBB calls for efforts to focus on reducing regulatory burdens, prioritising subsidiarity and proportionality, accounting for insularity and regional handicaps, and more.
With regards to the Green Transition, EU policymakers must address persistent financing gaps which limit private investment, reduce complex and overlapping regulation, and ensure the EU’s open strategic autonomy to develop its resilience to outside shocks. On the Digital Transition the MBB urges policymakers to put forward timely and future-proof rules governing high tech and the digital economy, only when genuine market failures are found.
Other issues addressed among others include the need to strengthen the Single Market, better regulation, future EU enlargement, consolidating tourism activity, and ensuring sufficient labour supply. The full publication may be viewed on www.mbb.org.mt. Those interested in further information are encouraged to contact the MBB EU policy team on infobrussels@mbb.org.mt.
The Malta Business Bureau is the EU business advisory organisation of The Malta Chamber and The Malta Hotels and Restaurants Association. It is also a partner of the Enterprise Europe Network.
The HSBC Malta Foundation is excited to announce its partnership with the Foundation for the Conservation of the Maltese Honey Bee on the “Bee Creative: Maltese Honey bee artVenture,” a unique initiative designed to foster creativity and environmental awareness among Malta’s youngest citizens which is centred around the esteemed Maltese Honey Bee, the island’s proposed national Insect.
Through this initiative, students from Primary schools Years 4 to 6 (ages 8-11) will have the opportunity to explore the world of the Maltese Honey Bee through art. This initiative is inviting them to express their creativity and understanding of the Maltese Honey Bee through illustrations, drawings, poems, or paintings that highlight the significance of the Maltese Honey Bee in Maltese beekeeping and for pollination, combining educational and artistic elements to cultivate a deep appreciation for Malta’s natural heritage.
In recognition of their creativity, 15 student who participated in this initiative and according to merit, will receive hand-knitted Maltese honey bees. To extend the educational impact, A3 posters showcasing the NGO’s initiative to declare the Maltese Honey Bee as a national species will be distributed among the schools involved.
Glenn Bugeja on behalf of the HSBC Malta Foundation said, “We are delighted to support the ‘Bee Creative: Maltese Honey bee artVenture.’ This initiative is a testament to our commitment to the environment and education, aiming to instil a sense of responsibility and wonder in our children towards nature. By engaging with the arts, we believe students can develop a meaningful connection with the environment, fostering a generation that values and advocates for the preservation of our natural world”.
The HSBC Malta Foundation and the Foundation for the Conservation of the Maltese Honey Bee are proud to collaborate on this venture, aspiring to ignite a blend of creativity and environmental stewardship among the young participants. This partnership underscores a mutual commitment to a sustainable future, where Malta’s youth are educated and enthusiastic custodians of their natural environment.
A photo of the artwork should reach the Foundation by the 10th of May 2024 at nahlamaltija@gmail.com. For further details about the “Bee Creative: Maltese Honey Bee artVenture” one may contact the Foundation KNM at the same email address.
TradeMalta is proud to announce its coordination of the Malta Pavilion at Libya Build 2024 between 29 April and 2 May
This event marks the return of Maltese companies to this fair after an absence of several years. The exhibition, now in its 15th edition, is renowned as the foremost gathering for the building, design, and construction sector in North Africa, and is taking place at the Tripoli International Fair Grounds from 29 April to 2 May. Libya Build serves as a vital platform, uniting thousands of construction solutions under one roof.
Five Maltese companies are participating, seizing the opportunity to forge new connections and explore potential partnerships. They are set to showcase their expertise with a diverse array of offerings spanning door designs, engineering solutions, integrated professional and technical services in building construction, fibreglass manufacturing, and operational risk management solutions.
Anton Buttigieg, CEO of TradeMalta, commented, “TradeMalta is delighted to spearhead the Malta Pavilion at Libya Build. Our involvement underscores TradeMalta’s dedication to facilitating international trade and fostering growth opportunities for Maltese businesses. We are committed to empowering local enterprises to expand their global footprint and seize promising prospects in international markets.”
Participation in Libya Build presents an excellent opportunity for Maltese companies to engage with industry leaders from North Africa and the Middle East and cultivating valuable relationships and accessing new avenues for growth. Visitors are encouraged to visit the Malta Pavilion in Hall 1 at the Tripoli International Fair Grounds to discover the latest innovations and capabilities offered by Maltese firms.
For further information about the services provided by TradeMalta, please visit www.trademalta.org or contact us at Tel: 22472400.
Members from the People & Culture team at Bank of Valletta met MCAST Paola students during this year’s MCAST Career Expo. In growing organisations such as BOV, it is very common that opportunities for work placement are offered regularly. One of the Bank’s focus is to support the education system, offering rewarding experiences that turn into lifelong careers.
Bank of Valletta offers an extensive Apprenticeship Programme specifically designed for MCAST students, which not only leads to a Banking and Finance career path, but includes also working opportunities in the areas of IT, Business Administration, Insurance, and other industry-specific areas such as ESG, Anti-Financial Crime, Risk and Compliance.
The Bank currently employs 49 students under the MCAST Apprenticeship Programme, with careers spanning various areas including Trade Finance, Stockbroking, and Corporate Finance. Placements are also found at various Branches, Business Centres, IT departments, Investment Operations, Controls, Risk & Compliance, Tax and Legal units amongst others. The experience has shown that in most instances, students who join the Apprenticeship Programme during their MCAST studies will eventually continue working for the Bank once they finish their studies. As is the case of Ms Tiffany Pace, who at just 21 years of age, has already gained over 4 years of experience working for Bank of Valletta, having started her career as an MCAST apprentice. “My journey at Bank of Valletta began while sitting for an Advanced Diploma in Business Administration at MCAST. Back then, I started performing front-line duties at Birkirkara Branch, an experience which provided me with adequate knowledge, thus making the shift to a full-time basis, a seamless one. Two years later, I am proud to be an integral part of the BOV community, forming part of the Talent Acquisition Team at the People & Culture unit. I am eager to keep on learning and growing within the People & Culture team, committed to furthering my studies, and fully confident that the Bank will continue to support me every step of the way.”
The MCAST Career Expo served as a showcase of career opportunities available both in the Private and Public Sectors, where various organisations met under one roof to promote their workplace with MCAST students. Bank of Valletta offered additional value during the Expo, with an information session delivered by Senior Marketing Manager, Ms Vanessa Borg on the Marketing techniques used by the Bank in promoting its products and services. Students following courses in Marketing and Business Management attended the session and were given insights into the marketing process adopted by Bank of Valletta, from identifying business opportunities and the right target audiences to implementing the creative visuals of a marketing campaign to analysing and measuring the effectiveness and tracking the sales records.
Too many wrongdoings happening systematically and frequently
The Malta Chamber of Commerce, Enterprise and Industry re-iterates its emphasis on the importance of good governance, and insists that the country needs to move from lip service and words on paper, to tangible action where full accountability and transparency, integrity, proper stewardship and sound leadership prevail.
Over the past few months, the country has witnessed systematic and frequent wrongdoings. The extent and spread of the benefits fraud scheme that is currently being exposed through court proceedings casts considerable questions on the integrity of everyone involved in the granting and disbursement of such payments, including the respective Ministry. The fact that such a scheme could be run for years, with such intensity, without anyone batting an eyelid, indicates that there is no accountability, as well as no internal auditing systems to detect and deter abuse, and that people are either actively involved in fraudulent activities and profiting from them, or they have grown accustomed to seeing them occur. Like the three monkeys, they see no evil, hear no evil, and say nothing about it.
Government seems intent on wiping out people’s criminal records as quickly as possible lest they are a hinderance in securing employment. Bearing in mind that the public service is the largest employer, one hopes that this urgency to cleanse the conduct of people who abused from social benefits is not intended to facilitate a quick transition from dependency on benefits to recruitment with the public service, whether directly or through agencies – we really need to have people who can be trusted both within the public service and state entities.
The Malta Chamber is also worried that top positions at key government authorities and agencies have become hotseats that people occupy for just a few months, before resigning or being transferred to another hotseat to possibly diffuse the next crisis. The practice of leveraging resignations to give the impression that action is being done, discourages capable people from taking on these crucial roles and executing the significant reforms required to shift course. Furthermore, a short-term period in these driving seats will mean even greater political involvement, because the drivers are dispensed with before they have been in place long enough to truly take charge of the issue and sniff out all those systematic abusive practices that may be widespread. This comes out loud and clear in what is being uncovered with respect to social benefits, licences, construction practices, as well as in public procurement.
The presidential pardon that has been granted to the recipients of social benefits in return to testify against the perpetrators of the scheme further reinforces a culture of impunity. It also undermines the newly appointed President – whereas many think that a presidential pardon lies completely within the prerogative of the President, in actual fact, the request for a presidential pardon is on the advice received.
Government needs to be on the side of what is right and send clear signals that it will not come to the rescue of abusers or restrain those who want to set things straight. This is what good governance is about. Anything short of this will come across as pandering to the masses and playing for time, which is running out.
