BOV Branches will now open from Monday to Friday between 8.30 am and 1.30 pm.  Cheque encashment and cash withdrawals will be accepted until noon as per normal pre-COVID procedures. All current procedures with regards to cashiering services and safety measures including limiting the number of customers inside the branch at any one time remain in force.  The Bank reminds its customers to avoid queuing and use ATMs at any time of the day for their cash requirements. Better still, customers should as much as possible opt to use the safer contactless payments such as BOV Cards, BOV Pay, BOV Mobile and Internet Banking.

“All throughout this pandemic we have been in close contact with the government and local health authorities. Any decisions we have taken, were taken to safeguard both our customers and employees. We adjusted our processes and procedures and opened new channels to ensure wider accessibility for our customers,” declared BOV CEO Rick Hunkin. “We have a large team of people working behind the scenes delivering banking services to customers at their homes, where previously these customers would have been required to visit a branch.” 

Mr Hunkin continued, “So while we reduced traffic towards physical branches, we offered alternatives for customers to stay safe and get served.  I am happy to say that these channels have worked so well during these past couple of months, that we shall continue using them.  In fact, I urge customers who require non-cashiering services to set up appointments with our branches so that they do not stay waiting in the queue and reduce contagion and exposure risks.” 

Customers can set up appointments for any non-cashiering services such as home loans, personal loans, investments, bank cards and internet banking applications by sending an email to info@bov.com with the type of service required, mobile number, ID Card number and preferred branch or by calling on +356 2275 3500 Monday to Friday 8am to 4pm.

Bank of Valletta is currently operating 28 branches, making it the largest network accessible to customers.  While a number of branches will remain temporarily closed due to staffing issues, the Bank is, on a roster basis, opening such branches on Saturdays to limit inconvenience to its customers.

The BOV CEO concluded, “The increase in our opening hours takes us another step towards normality. It is regretful that we are still not in a position to open all our branches as we still need to support our staff who are either in the vulnerable category or have young children to look after and thus have no other alternative but to work from home.  We will continue to support and protect our employees as required, while at the same time do all our utmost to continue supporting and serving our customers and all our stakeholders in the best possible way during these unprecedented times.”

The post Bank of Valletta increases its branch opening hours first appeared on The Malta Business Weekly.

After many years of work, most people desire to retire in comfort, trying to retain their same standards of living prior to retirement. The session by BOV promises to offer information on this topic to senior customers.

According to BOV’s calculations, a person will need at least two-thirds of their pre-retirement income in order to maintain the same level of lifestyle upon retirement as before. Nevertheless, BOV says that not everyone will be eligible to receive the two- thirds of their current income, chiefly due to the fact that the state pension is capped.

The main speakers of the session in Gozo will be David Spiteri Gingell, Management Consultant and Mario Farrugia from BOV and the minister of Gozo will also attend the event with the president of the Gozo Business Chamber.

The seminar is free of charge and participation is available on a first come, first served basis, therefore, interested individuals are recommended to apply in an email.

The post BOV to hold info session on tax incentives on pensions first appeared on The Malta Business Weekly.

For the comparative period of the previous year, the Group registered a pre-tax profit of €13.5 million, which included a litigation loss provision of €75 million, the press statement adds.

Group operating income, which has remained at last year’s level, amounted to €127 million. Recurrent costs grew by 27% to €81m as compared to the same period a year earlier. BOV attributes the increasing costs chiefly to fees and expenses related to the ongoing transformation programme and on the substantial recruitment of resources in the group’s control functions. The impairment charge for the period is just under €1m, compared to reversals of €20 million booked for the corresponding period, the press statement adds.

Customer deposits grew by €223m to €10.6b by the end of the first half of the year as compared to December 2018. Net advances at amortised cost increased by €126m to €4.5b over the same period. Shareholders’ funds, comprising capital reserves, has topped the €1 billion mark for the first time in the Group’s history.

‘Full transformation mode’

BOV Chairman Deo Scerri underscored that the group is in a “full transformation mode” as BOV embarked on a two-year transformation programme, in agreement with its supervisors, with the assistance of two international consultancy firms.

“The aim is to ensure the long-term sustainability of the institution, by reducing the risk profile of the business model, strengthening capital buffers and enhancing the anti-financial crime framework. The increased costs reported in these results primarily reflect the costs of this programme. We do not see these costs as recurring overheads, but as a solid investment in the future,” Mr Scerri said.

“We are in the process of exiting a number of businesses and closing down a large number of higher-risk relationships, all of which naturally result in a loss of income. The situation is further impacted by heightened competition from non-traditional players and by the persisting low interest rate environment. Despite all this, the Group has managed to maintain the same income levels as last year. This shows the resilience of our core operations,” Mr Scerri added.

S&P’s rating comes expected

Standard & Poor’s has lowered the long term credit rating for the bank BBB with a negative outlook, to BBB- with a stable outlook. Short term rating was revised from A-2 to A-3. S&P justified its decision by stating perceived weaknesses in BOV’s internal control frameworks and to the potential impact of ongoing litigation cases. S&P named BOV’s sound franchise, customer confidence and ample liquidity as being among its major strengths.

Chairman Scerri said S&P’s decision had not come unexpected, in view that the rating outlook had already been set as “negative” last year. The chairman said that the underlying factors for the lowered rating — the need for strengthening internal controls, government and oversight — are being addressed in the transformation programme.

In reference to BOV’s USD clearing situation, Mr Scerri announced that Raiffeisen Bank International had recently opened accounts denominated in US dollars for BOV. He added that BOV’s short term objective is to put into place the necessary mechanism to enable it to offer full USD services, assuring that the bank is on the verge of achieving this objective. The longer-term objective is that the bank will have access to a wider network of USD correspondents.

“The Board has chosen to retain its prudent stance and has resolved not to declare an interim dividend, with the aim of further strengthening the Bank’s capital buffers, especially in the context of its status as a systemically important institution. This is in line with our strategy of foregoing short term benefits in the interest of long term stability. The situation will be re-assessed at the year-end, in consultation with supervisory authorities,” Mr Scerri said.

Mr Scerri expressed his full confidence in BOV’s future as a strong, secure and profitable institution. “The ongoing transformation programme will result in a stronger and safer bank, that will continue to play a leading role in tomorrow’s economy while delivering fair and sustainable returns to its shareholders,” the chairman added.

The post BOV records €54.3m pretax profit in H1 first appeared on The Malta Business Weekly.

Chief Business Development Officer Kenneth Farrugia and Chief Officer Investment Services Romeo Cutajar attended the official event at the Malta Stock Exchange to formally commemorate the first day of trading in the presence of the MSE Chairman Joseph Portelli and CEO Simon Zammit.

“Here at the Malta Stock Exchange, we consider Bank of Valletta as an esteemed major issuer. The ringing of the MSE bell has become a rite of passage on the first day of trading and we are glad to add BOV’s latest Bond Issue on the Main Market,” said Mr Portelli.

“We are very pleased to have yet another financial instrument listed on the Malta Stock Exchange. We are very proud to be able to say that Bank of Valletta has consolidated itself as a solid and rewarding investment over the years, and the prompt take up of the offer confirms that the investing public firmly believes in the strength and success of the BOV Group,” Mr Farrugia added.

The post BOV lists €50m 3.75% bond on stock exchange first appeared on The Malta Business Weekly.

During the session, Christian Vella Masini from the Ministry for Gozo said that the 5% growth of the economy of Gozo per annum per capita can be predominantly attributed to small-scale but high value-added manufacturing and services activities. 

In addition, Mr Vella Masini underlined the interest by the Ministry for Gozo in welcoming incentives that provide easier access to finance. In fact, these are necessary to further enhance investment and job creation within Gozo, giving life and energy to such businesses. 

Furthermore, MDB chief officers Joseph Darmanin and Maria Xuereb explained that the MDB performs a promotional role, supporting productive and viable operations where the market is unable to accommodate due to higher credit risks. Therefore, their bank works on complementing commercial banks in bridging financial gaps in bankable investments. It provides guarantee schemes intermediated through commercial banks to enhance small and medium-sized enterprises (SME) access to finance and to facilitate more attractive terms for bank lending to SMEs.

Moreover, Executive SME Finance of BOV Alfred Buhagiar illustrated how these guarantees assist SMEs to tap into financing through the BOV Family Business Success and BOV SME Invest loan products. 

As a matter of fact, the BOV Family Business Success facilitates the transfer of ownership between family members within a Family Business certified with the Family Business Office, while the BOV SME Invest offers a financial solution to SMEs including startups, seeking finance to grow and reach their full potential through reduced collateral requirements and financing costs, the press release says. 

“Businesses in Gozo never operate on a level playing field as those on the mainland, and the Malta Development Bank can be the bridge or link that can help our enterprises prosper.  With this in mind, we will be asking the Malta Development Bank to study regional financial packages, which acknowledge the specificities of our Island,” concluded the President of the Gozo Business Chamber Joseph Borg. 

The post BOV, MDB offer support for Gozitan businesses first appeared on The Malta Business Weekly.

Access to financing is vital to promote entrepreneurship and SME development and to build a competitive, innovative and sustainable tourism sector, the BOV press statement says. 

“The ability of tourism entrepreneurs to access finance required at each stage of their business lifecycle, coupled with the right financing conditions is crucial towards the success of this industry,” said Mark Scicluna Bartoli, Head of the EU & Institutional Affairs at Bank of Valletta.

“EU and Malta funded Guarantee instruments provide easier access to finance through reduced collateral requirements and finance costs”, added Mr Bartoli. “BOV Jaime and BOV SME Invest provide bank financing up to a maximum of €750,000, at attractive interest rates and reduced collateral obligations.” 

The final part of the workshop focused on an exchange of views with officials from Jobs Plus, the Ministry for EU Affairs and Equality, and Malta Enterprise how different EU and national funds can be combined to ensure maximum benefit for businesses in the hospitality industry. 

The post BOV, MHRA hold workshop focusing on funding tourism first appeared on The Malta Business Weekly.

Ms Bonello’s research sheds light on the major characteristics of the local financial investors who trade on the Malta Stock Exchange (MSE), delving into variables affecting the investor’s trading decisions. The explored key areas included investor expectations, returns of investment, risk and loss aversions, disposition effect, financial literacy, and overconfidence. 

In addition, the study analysed the influence of financial advisors on the investor’s risk appetite. In fact, Ms Bonello substantiated her findings through interviews with 29 financial advisors operating in different localities around Malta and Gozo to corroborate her research findings, the press statement says.

Furthermore, the Executive Wealth Management Mark Agius emphasised the importance of determining the profile of the investor.  “These have to go hand in hand with well-managed and diversified assets,” added Mr Agius.

“Diversification across equities, bonds and money-market instruments helps mitigate any negative economic effects and ensure the long-term viability of your assets,” he added,

“The profile of an investor is the sum of their values, lifestyle, financial resources, timeframes and tolerance to risk. We have full confidence that our financial advisors have the skills and tools to determine the investor’s profile and tailor a specific portfolio to satisfy these criteria and achieve the customer’s goals,” concluded BOV Director Paul V Azzopardi. 

The post BOV holds talk focusing on investors in Malta first appeared on The Malta Business Weekly.

The champions of Valletta FC will start defending their title against the newly-promoted team of Santa Lucia FC, while, according to a press statement issued by the MFA, the other matches of the BOV Premier league’s first week will be:

• Birkirkara vs Floriana
• Sirens vs Senglea Athletics
• Balzan vs Sliema Wanderers
• Tarxien Rainbows vs Mosta
• Gudja United vs Hibernians
• Gżira United vs Ħamrun Spartans

Mr Chetcuti thanked BOV for its continuous support and said that the MFA and BOV have extended their partnership again for the upcoming season. He added that the last season was an exciting one and he augured fair play and a competitive spirit to reign throughout the leagues.

Mr Azzopardi said Bank of Valletta is proud to support local sports and that it is glad to strengthen its partnership with the Malta Football Association through the BOV Premier League. He added that the bank is once again sponsoring the popular Player of the Month Award for male and female players. He concluded by auguring that the 2019-2020 championship will be as exciting as the previous one.

Therefore, the opening programme of the Premier League will be between 23 and 25 August 2019 and the complete list of fixtures is available at the official website of the MFA.

The post BOV announces Premier League fixtures first appeared on The Malta Business Weekly.

Focusing on Fort Rinella, FWA Chairman Mario Farrugia welcomed the Executive PR & Marketing at BOV Charles Azzopardi to Fort Rinella, with the aim of explaining the latest developments made at this site.

Fort Rinella was built in 1878 and represents a unique remnant of Malta’s British colonial past. It also houses one of the only two remaining 100-ton guns in the world. The fort was entrusted to the FWA and was transformed in a historic and touristic attraction for Malta, as the press release says.

“Our plan is to continue to regenerate this site to attract local and international visitors to a unique experience in a one-of-a-kind monument. The latest acquisition through the Bank’s collaboration is a flail mower that enables us to keep the extensive cultivated area of the Fort in immaculate condition for the enjoyment of the visitors,” said Mr Farrugia.

“While the need to preserve cultural heritage is widely recognized, the availability of the financial resources to do so is often not so widely available. Bank of Valletta, through its extensive Community Programme, supports numerous heritage projects that we are convinced enrich the individual lives of citizens while playing a role in enhancing Malta’s image internationally,” said Mr Azzopardi.

“We understand that Fondazzjoni Wirt Artna has further projects in the pipeline, and are eagerly looking forward to seeing these projects come into fruition,” Mr Azzopardi added.

The post BOV pledges further support for Malta’s cultural heritage first appeared on The Malta Business Weekly.

BOV believes that small and medium-sized enterprises (SMEs) are the heart of the Maltese economy and a major source of entrepreneurial skills, innovation and employment, they need easy and affordable access to financing in order to grow and reach their full potential.

As such, during the information session, attendees will learn information and insight on how Gozitan SMEs can take advantage of newly launched financing schemes to grow their business, BOV says.

Malta Development Bank’s Chief Business Development Officer Joseph Darmanin and Chief Credit Business Officer Maria Xuereb will discuss the role of the Malta Development Bank in the economy and the operations of the Malta Development Guarantee Schemes.

In addition, BOV Executive SME Finance Alfred Buhagiar will provide a practical example of how such guarantees ease access to finance for SMEs via the BOV SME Invest and BOV Family Business Success initiatives.

Bank Of Valletta Small Medium Enterprise Invest includes startups, venturing into new business sectors and traditional SMEs wanting to invest in revamping or strengthening their current business model. BOV Family Business Success assists family businesses to transfer ownership/shareholding from parents to children or amongst siblings.

The post BOV, Malta Development Bank to hold SME info session in Gozo first appeared on The Malta Business Weekly.