Bank of Valletta stresses its independence

Bank of Valletta yesterday clarified that it operates independently from any form of government influence or that of any other shareholder.

The bank said it was the board of directors that determined and approved the bank's policies. The board, it added, is guided exclusively by commercial considerations while being committed to its mission statement and strategic goals.

The bank said it felt the need to make the statement in view of comments made in parliament on Monday by Labour MPs Charles Mangion and José Herrera regarding the "privatisation" of the bank.

The comments by the two MPs were made during the debate on a Bill to amend Malta's Membership of the European Bank for Reconstruction and Development Act.

BOV said that as a public company licensed by the Malta Financial Services Authority to carry out the business of banking and listed on the Malta Stock Exchange, and independently of who are its shareholders, it was subject to vigorous regulation and supervision by the MFSA, both as the competent authority for banking and also as the listing authority.