The Malta Chamber and GBC Host Information Session to Support Competitive and Resilient Growth for Gozitan Businesses

The Malta Chamber, in collaboration with the Gozo Business Chamber, organised an information session to help Gozitan entrepreneurs, managers, and employers understand how sustainability can be a key driver of growth and efficiency.

In his opening address, William Spiteri Bailey, highlighted that ‘sustainability is not a slogan. It is a framework for competitiveness, resilience and long-term prosperity’. He also shared 7 key reflections:

  1. Sustainability must be practical. It must translate into lower operational risk, stronger margins, better governance, and improved access to finance — not additional bureaucracy.
  2. Civil society and business organisations must be trusted partners in delivery. We are closest to our members and understand their day-to-day realities. When government collaborates meaningfully with representative bodies, implementation improves and results are measurable.
  3. Gozo faces structural realities that Malta itself already struggles with. Malta operates within the constraints of insularity. Gozo faces the challenge of double insularity. Distance increases costs. It limits economies of scale. It restricts labour mobility and access to specialised services.
  4. Compliance burdens weigh more heavily on small and medium-sized enterprises. In larger jurisdictions, companies may have dedicated compliance teams. In Gozo, many businesses operate with lean structures. The same regulatory requirement thus incurs a disproportionately higher cost.
  5. Access to talent continues to be a key challenge. As highlighted in the latest EY Malta Attractiveness Survey 2025, skills shortages are now seen as the biggest threat to Malta’s competitiveness. In Gozo, this issue is even more pronounced. We need to enhance vocational pathways, digital skills, and sector-specific training that reflect Gozitan realities.
  6. Connectivity — both physical and digital — is essential. Sustainable growth in Gozo relies on effective transport links, dependable logistics, and top-tier digital infrastructure. Without these, the island’s ability to progress up the value chain is limited.
  7. Productivity must remain central to the discussion. Sustainable growth isn’t about doing the same things, but about doing them better. This involves digitalisation, process optimisation, improved planning, and coordinated enforcement — areas we have strongly highlighted in our Pre-Budget 2026 proposals under Envision 2050.

Michael Galea, Gozo Business Chamber President, emphasised that the green transition must not be viewed purely as a compliance obligation. It must remain practical, phased and business oriented.  “If approached intelligently, it becomes a driver of competitiveness, efficiency, and long-term resilience for our enterprises.  Sustainability and competitiveness must move forward together,” he said.

Ivan Falzon, CEO of the Gozo Regional Development Authority (GRDA), noted that sustainability is fundamentally about adaptation and resilience, qualities that are particularly relevant given Gozo’s distinct vulnerabilities, including its insularity, limited infrastructure capacity, and heightened exposure to supply chain disruption and resource constraints. “It is essential that businesses are aware of the obligations and opportunities ahead, and that adaptation is approached in a manageable, proportionate manner. This includes considerations around sustainability in supply chains, procurement decisions, and internal resource management.” he stated.

“The Agency schemes will align with the new legislation wherein eligibility will now be in terms of energy consumption rather than enterprise size or Nomenclature of Economic Activities (NACE Code). Notwithstanding, the Agency will continue to provide aid to promote energy and water conservation principles without disrupting the economic activity”, said Mark Anthony Callus, Professional Officer at the Energy and Water Agency

“The recast Energy Efficiency Directive mandates a shift in energy audit obligation from one depending on enterprise size towards one dependent on energy consumption. New legislation now mandates all enterprises exceeding a total 10 of Terajoules (TJ) to undertake an energy audit. Enterprises whose consumption exceeds 85 TJ will also be required to implement an energy management system.” highlighted Matthias Agius, Professional Executive at the Energy and Water Agency.

Alison Mizzi, Director (Advisory Service) at EMCS delivered a presentation on ‘Sustainable benefits and opportunities: available EU and National Schemes for Businesses’. “Gozo’s enterprises are well‑positioned to benefit:  the support exists, it is practical, and it is accessible. I encourage businesses to take the next step and translate these opportunities into long‑term competitiveness and resilience,” she noted.

This initiative was part of The Climate Funding 4 Cities – Gozo Idea Competition, managed by GRDA, which welcomed submissions supporting climate mitigation, strengthening community resilience, and promoting greener practices across the island. The aim was to empower local actors to develop projects that effectively reduce emissions, encourage sustainable behaviour, or enhance the island’s environmental capacity. It was funded following a successful application by The Malta Chamber for the available grant. 

BOV & the Malta FA sign a Memorandum of Understanding

Bank of Valletta and the Malta Football Association signed a Memorandum of Understanding to improve resilience against financial crime risk through collaborative efforts in information sharing, education, and risk awareness in the sports discipline of football.

The Memorandum of Understanding was officially signed by Kenneth Farrugia, Chief Executive Officer of Bank of Valletta; Bjorn Vassallo, President of the Malta FA; and Dr Maria Azzopardi, General Secretary of the Malta FA, in the presence of Ryan Caruana, Group Chief Anti-Financial Crime Officer and MLRO at BOV, and Dr Herman Mula, Malta FA Legal, Integrity and Prosecutor.

The agreement, spanning over a period of three years, is designed to strengthen resilience against financial crime through a series of joint initiatives focused on public education and awareness, to mitigate financial crime risks in sport. These include, amongst others, campaigns highlighting various forms of scams and promoting good sports governance. With this MoU, Bank of Valletta and the Malta Football Association also aim to facilitate a regular and secure exchange of information and typologies related to financial crime risks, strengthen investigative capabilities through shared expertise and training, and improve customer protection mechanisms through collaborative innovation.

Speaking during the signing event at the Malta Football Association, Bank of Valletta CEO Kenneth Farrugia emphasised the importance that such an agreement can have on the wider community. “Today’s agreement underscores our commitment to fostering a governance culture that places AML and KYC principles at its core. Football clubs, like all organisations operating within the financial system, must uphold robust standards of transparency, integrity, and accountability. Strengthening these foundations is essential not only to protect the sport from financial crime risks, but also to safeguard its reputation and long-term sustainability.

Through this partnership with the Malta FA, we are taking a proactive role in supporting clubs and stakeholders to better understand and manage financial crime risks. By encouraging stronger due diligence practices, improving awareness, and promoting responsible governance behaviours, we aim to build a resilient environment where football can thrive free from the influence of illicit activity,” Mr Farrugia said.

Bjorn Vassallo, Malta FA President, noted that the contribution of a partnership like this today is very strategic, with an important purpose of knowledge sharing between both entities. “The outlining of the desirable outcomes in better governance, mainly in the financial crime area and risk awareness, will assist both organisations to maintain a forefront position, working through intelligence to ensure monitoring, analysis and processes are in place, thus creating a strong compliance through educational, innovative and joint initiatives.

We look forward to working more closely with Bank of Valletta to be able to promote aspects which mitigate abuse. Financial safeguarding is our main objective, and the Malta FA will continue to do its utmost in its football field so that regulatory standards are effectively met,” he said. This Memorandum of Understanding establishes a strategic partnership based on mutual trust and shared responsibility. It is the second such agreement signed by Bank of Valletta in 2026 as part of its ongoing efforts to combat financial crime. Earlier, in January, the Bank entered into a similar agreement with the Malta Police Force, with the aim to increase awareness on financial crime and strengthening the protection for both customers and society at large.

HSBC Malta Foundation supports technical upgrade at Teatru Salesjan in Sliema

HSBC Malta Foundation has extended its support to Teatru Salesjan, the oldest existing theatre in Sliema and one of the oldest working theatres in Malta, through the sponsorship of new professional-grade stage equipment aimed at enhancing the venue’s technical capabilities and safety standards.

The support enabled the theatre to install new electric motors and lighting trusses, critical infrastructure that will allow Teatru Salesjan to host more ambitious productions, safely elevate lighting and stage equipment, and provide young artists with access to a fully professional creative environment.

The donation builds on the Foundation’s ongoing commitment to education, culture and community development, and supports Teatru Salesjan’s broader mission of using the arts to promote inclusion, creativity, and cross-generational dialogue.

Geoffrey Fichte, CEO of HSBC Bank Malta, commented: “Teatru Salesjan holds a unique place in Malta’s cultural and social landscape, not only as a historic venue, but as a space where creativity and community come together. Our Foundation is proud to support this investment in technical infrastructure, which we believe will enable new opportunities for artistic expression and help empower future generations of performers, technicians and audiences.”

Peter Gingell, Theatre Manager at Teatru Salesjan, added: “We are deeply grateful to the HSBC Malta Foundation for their generous sponsorship for motors and lighting trusses recently installed at Teatru Salesjan. These motors, which elevate the trusses safely and efficiently, represent a vital investment in our theatre’s technical capabilities. This support goes far beyond infrastructure; it strengthens our commitment to nurturing creativity and providing the next generation with access to professional artistic environments. We hope this collaboration inspires other foundations to support the ongoing development of arts and culture within our community.”

This latest upgrade is part of a wider multi-year regeneration process at Teatru Salesjan, which has seen the transformation of the Sliema-based venue into a vibrant, inclusive cultural hub. The team is now finalising plans for a three-year programme focused on cultural education and social integration, ensuring that the theatre continues to serve as a platform for connection, creativity and opportunity.

BOV Asset Management Funds deliver positive results in a volatile year

BOV Asset Management closed 2025 with solid results across its full range of investment funds, demonstrating resilience in a year marked by heightened uncertainty and sharp swings in global financial markets.

Commenting on the performance, Peter Paul Cilia, Head of BOV Asset Management, explained, “2025 reminded investors that market volatility is part of the journey. What matters most is staying focused on long-term goals. By maintaining a disciplined approach and investing across different assets, our funds were able to remain resilient and deliver positive results despite a challenging environment.”

Global markets experienced significant ups and downs throughout the year. Nevertheless, both equity and bond markets finished 2025 in positive territory. This resilience was reflected across all funds managed by BOV Asset Management, with almost every strategy recording gains over the period.

Several funds stood out for their strong performance. The Vilhena Global Themed Fund – USD Share Class recorded a return of 18.4%, supported by its focus on long‑term global growth themes. The Vilhena European Multi‑Manager Fund and the Vilhena US Multi‑Manager Fund – USD Share Class also delivered robust outcomes, each achieving returns of just over 15%.

The broader BOV Investment Funds range performed well across different risk profiles, highlighting the importance of diversification. The BOV Growth Portfolio Fund delivered double-digit returns, while the BOV Balanced Portfolio Fund – Accumulator Class Share and the BOV Conservative Portfolio Fund – Accumulator Class Share posted steady positive results. These funds are designed to support investors at different stages of life, whether they are building wealth, balancing growth with stability, or prioritising capital preservation.

Income-focused strategies also generated dependable outcomes during the year. The Vilhena Sterling Income Fund and the Vilhena High Yield Fund – Euro Accumulator Class Share both delivered positive returns, appealing to investors seeking regular income as part of a longer-term financial plan.

BOV Asset Management forms part of the wider BOV Group, one of Malta’s leading financial services providers. Through its investment funds and solutions, BOV Asset Management helps individuals and families grow and protect their wealth, underlining the importance of investing as a key element of long‑term financial well-being.

Investing over time can help individuals manage inflation, build financial security, and work towards future goals, even during periods of market uncertainty. By offering a range of funds with different risk profiles and investment objectives, BOV Asset Management aims to help investors stay invested, remain informed, and make confident financial decisions.

MALTA VISION 2050 – The Road Ahead

The Malta Chamber of Commerce, Enterprise and Industry acknowledges the ambition behind the recently launched Malta Vision 2050. The shift toward a long term, measurable strategy beyond the traditional five year electoral cycle is a positive step. However, ambition must be matched by equally ambitious KPIs and deliverables, effective implementation and ongoing review to keep the strategy relevant amid technological, social, and economic change.

Whilst we note with satisfaction that a number of The Malta Chamber’s recommendations have been incorporated, we insist that good governance remains the foundation on which Malta Vision 2050 must be based. Good Governance must translate from theoretical principle into consistent practice across the board. Without disciplined execution, the vision risks remaining purely aspirational and serve only as a PR initiative.

Over the past weeks, The Malta Chamber raised a number of queries and questions about a number of KPIs sounded with the social partners. Given that the KPIs are now in the public domain, The Malta Chamber will be analysing them in detail and will provide its feedback accordingly.

Malta Vision 2050 will ultimately be assessed by its end results: the extent of improved productivity, enhanced competitiveness, greater attractiveness, value driven and sustainable growth, and better overall well being. Achieving this requires collective commitment from Government, the Opposition, and all stakeholders, supported by a spirit of political maturity.

The Malta Chamber remains committed to contributing to the successful implementation of Malta Vision 2050 and to working collaboratively to ensure it meets its objectives.

The Malta Chamber and National Audit Office Sign Memorandum of Understanding

Today, 26 February 2026, the National Audit Office (NAO) and The Malta Chamber of Commerce, Enterprise and Industry signed a Memorandum of Understanding (MoU) aimed at strengthening cooperation and fostering structured dialogue on matters of mutual interest.

The MoU was signed by Mr Charles Deguara, Auditor General, Mr Noel Camilleri, Deputy Auditor General, representing the National Audit Office, and Mr William Spiteri Bailey, President, and Dr Marthese Portelli, CEO, of The Malta Chamber. The agreement establishes a framework for collaboration between the two institutions, reflecting a shared commitment to promoting good governance, accountability, transparency and sound public administration.

Through this framework, the NAO and The Malta Chamber may collaborate on initiatives such as joint seminars, research activities and knowledge-sharing engagements. The cooperation is intended to facilitate constructive exchange on governance, compliance and the effective management of public resources, while fully respecting the legal mandates, independence and distinct roles of both institutions.

Representing The Malta Chamber at the signing were Mr William Spiteri Bailey, President and Dr Marthese Portelli, Chief Executive Officer. Representing the National Audit Office were Mr Charles Deguara, Auditor General, Mr Noel Camilleri, Deputy Auditor General, as well as Dr Amanda Borg, Dr Mark Ellul, Mr Sergio Tartaglia, Dr Kimberly Zammit, who were responsible for drafting the Memorandum, and Dr Rebecca Vassallo, Liaison Officer for International Affairs.

This collaboration underscores the importance of constructive engagement between an independent public audit institution and key national stakeholders, contributing to enhanced institutional dialogue and supporting the principles of transparency and accountability in the public interest.

The Malta Chamber, RSM Malta and Ganado Advocates organise workshop on Pay Transparency Directive

The Malta Chamber, RSM Malta and Ganado Advocates have joined forces to help businesses prepare for the upcoming requirements of the EU Pay Transparency Directive, hosting a dedicated workshop titled ‘Pay Transparency Countdown – First Steps Toward Compliance in Practice’.

With the European Commission confirming that implementation deadlines remain unchanged, companies across Malta and the EU are facing mounting pressure to act. By 7 June 2026, all businesses will be required to identify categories of work of equal value and be fully prepared to respond to individual data requests. Given the scale of preparation involved, organisations are being urged to take practical and immediate steps toward compliance.

The workshop brought together legal and advisory experts to provide hands-on guidance on how to design, refine and implement the systems and practices required under the Directive. Specialists from RSM Malta and Ganado Advocates delivered detailed presentations outlining the legal framework, operational considerations, and technical structures necessary to meet the new obligations.

Participants also benefited from practical insights shared by practitioners who have already undergone similar compliance processes. These real-world experiences highlighted common legal and technical pitfalls, offering attendees valuable foresight into the challenges they may encounter.

In her opening address, Rachel Bondi Attard, Head of Media and Communication Strategist at The Malta Chamber, underscored the importance of adopting a proactive approach. She stressed that early preparation will not only ensure regulatory compliance but also strengthen organisational transparency and trust.

The Malta Chamber recommends several key actions for businesses:

Conduct Pay Audits
Organisations should begin with a comprehensive review of their existing pay structures to identify potential disparities. Beyond meeting regulatory requirements, pay audits provide a critical foundation for sustainable and meaningful change.

Invest in Training
HR teams and managers should receive training on transparent pay practices, unconscious bias, and equitable remuneration frameworks to ensure fair and consistent implementation.

Engage Employees
Open dialogue with employees is essential. Transparency initiatives are most effective when accompanied by trust, collaboration and clear communication about the changes being introduced.

Leverage Technology
Digital tools can significantly streamline data collection, reporting and analysis processes. Embracing digitalisation not only simplifies compliance but also generates valuable workforce insights. The Malta Chamber emphasised that digital transformation is essential for businesses seeking to remain competitive and future-proof their operations.

Commmercial Courier – Winter 2026 Edition

HSBC Malta announces pre-tax profit exceeding €100m for the 3rd consecutive year – strong momentum and positive outlook

2025 Results

HSBC Bank Malta p.l.c. and its subsidiaries (‘the local group’) has reported robust financial results for 2025, marking its third consecutive year of pre-tax profits exceeding €100million.

In 2025, the local group achieved a profit before tax of €109.0million demonstrating resilience and consistent performance across all business units despite operating in a lower interest rate environment.

HSBC Bank Malta p.l.c. (‘the bank’) confirms its commitment to delivering sustainable shareholder returns, recommending a final gross dividend of 8.4 cents per share, following another period of resilient financial performance and disciplined capital management. This represents the highest dividend payout ratio in recent years, which together with the interim dividend paid in September 2025, represents a 60% dividend payout ratio. The final proposed dividend will be paid on 6 May 2026 to shareholders who are on the bank’s register of shareholders on 30 March 2026, subject to approval at the Annual General Meeting scheduled for 29 April 2026.

Key Highlights

  • Positive outlook on Malta’s economy, which continues to outperform Europe. Malta’s high Gross Domestic Product (GDP) growth and diversification and low unemployment, provide economic resilience despite global uncertainties. Property sector remains strong.
  • Reported profit before tax of €109.0million for the year ended 31 December 2025, a decrease of €45.4million or 29% over 2024. The decrease in profit reflects the impact of lower interest rates and lower releases of expected credit losses. The bank achieved solid underlying revenue growth, driven by increased customer activity. Operating costs increased reflecting continued strategic investment in talent and accelerated amortisation of software.
  • Strong customer growth and confidence led to deposit growth of €370 million during the year, reaching a record high of €6.5 billion at year-end.  Deposit market share increased by over 1%. Additionally, there was growth of 28% in client wealth management and investment balances to €1.1 billion. Life insurance sales increased by 21%.
  • Reported profit after tax attributable to shareholders amounted to €71.6million for the year ended 31 December 2025, resulting in earnings per share of 19.9 cents, compared with 27.8 cents in the same period in 2024.
  • The Board has recommended a final gross dividend of 8.4 cents per share (5.46 cents per share net of tax), bringing the total dividend for 2025 to 18.4 cents (11.96 cents net of tax). This represents a payout ratio of 60%.
  • The bank’s total capital ratio grew to over 27% and the liquidity coverage ratio remained over 500%, making HSBC Bank Malta p.l.c. one of the most capitalised and liquid banks in Malta and amongst the highest in Europe, well above regulatory requirements

Geoffrey Fichte, Chief Executive Officer at HSBC Bank Malta p.l.c., said:

“I am proud to report another year of successful results, marking our third consecutive year of pre-tax profit exceeding €100million — a first in the history of HSBC in Malta. This performance, delivered despite lower interest rates and reduced recoveries, underscores the strength and resilience of our diversified business model, disciplined execution and the continued trust of our customers.

“We continued to grow our business, increasing market share with a record €6.5 billion in customer deposits while also growing wealth management, insurance and investments for our customers to record levels.

“In 2025 we achieved an increase of 10% in new retail lending. We have now launched our 2026 Start of the Year campaign where we are offering customers a number of incentives, including discounted interest rates on personal loans and mortgages, as well as cash-back on insurance policies and waiver of initial fees on mutual fund investments.

“We continue to serve our customers with the same high standards of service and banking, insurance and investments. Throughout the year, we continued to invest in the future of the bank — enhancing our digital capabilities through the implementation of SEPA Instant payments, upgrading our IT infrastructure, and completing the replacement of our ATM fleet across Malta and Gozo.

“Testament to this is the bank’s recognition as 2025 Bank of the Year Malta by The Banker, the Financial Times internationally renowned publication covering global banking and financial affairs. HSBC Bank Malta’s recognition reflects the bank’s significant progress across key performance metrics, including earnings growth, capital strength, operational efficiency, and continued investment in digital and technological capabilities.

“The Board has proposed a gross dividend distribution of €30.3 million, supported by our strong capital position and robust liquidity ratios.

“We have started 2026 from a position of strength and momentum – with a strong balance sheet, successful and profitable business, highly engaged team and a clear focus on ensuring stability, continuity and long-term value for our customers, colleagues and shareholders. Subject to regulator’s approval of the proposed transaction, HSBC and CrediaBank are committed to ensure a smooth and orderly changeover.

“I would like to thank our customers for their business, trust and confidence, and I would like to recognise my colleagues for their contribution to the company’s success.”