Bank of Valletta has launched a new foundation, the Bank of Valletta (BOV) Foundation, a non-profit making organisation aimed primarily at benefitting Maltese society at large.

The foundation was launched during a press conference presided over by BOV chairman Gordon Cordina and CEO Kenneth Farrugia, who signed the deed. Present were also Ernest Agius, chief operations officer at BOV responsible for the bank’s corporate social responsibility (CSR) programme, as well as members of the foundation’s board of administrators.

Community engagement and corporate philanthropy have always been a top priority for the bank throughout its 50-year history, a commitment that was consolidated back in 2005 with the establishment of the BOV Community Programme.

Over the years, the bank has played an active role in making a positive impact on Maltese society, and the setting up of this new foundation is a consolidation of all these efforts. The purpose of the foundation is to implement the bank’s CSR strategy, which is based on five pillars: supporting vulnerable members of Maltese society, fostering quality education, protecting Maltese heritage, promoting ethical and responsible conduct, and speaking up for the environment.

CEO Kenneth Farrugia addressing the press conference.

The administration and management of the Bank of Valletta (BOV) Foundation is vested in the foundation’s board of administrators. The board will see to the day-to-day affairs of the foundation, managing its assets and ensuring that the objectives set out by the Foundation are reached. The board members are Martin Galea (chairperson), Ernest John Agius, Godfrey Swain, Antoinette Caruana and Anita Mangion.

Speaking during the signing ceremony, chairman Cordina said: “Bank of Valletta has always played a critical role in shaping the Maltese economy, more so today as a systemically important bank that services a large percentage of the population.

“With deep roots in many aspects of Maltese society, the communities that we operate in remain important stakeholders for us. The BOV Foundation is another step in the right direction in our efforts to be leaders and innovators in the financial sector, and a catalyst for positive change.”

The communities that we operate in remain important stakeholders for us

CEO Kenneth Farrugia elaborated further.

“Five decades of banking services have enabled our bank to forge an important and close-knit affiliation with the Maltese economy, servicing personal and business clients in the process and contributing from a social responsibility perspective to the wider needs of the community,” he said.

“The setting up of this foundation is a bold statement of intent by the Bank. We are building on our successes, strengthening the bank on multiple fronts, and at the same time ensuring that society reaps the benefit of this success.”

COO Agius said BOV’s community reach-out programme has always offered tangible support to various aspects of community life and that through this foundation, the bank will continue “to support people in need, ensuring an adequate level of health and quality of life”.

“We will also be approaching education holistically to boost financial literacy, preserving and promoting the treasured work in artistic, creative and architectural sectors, promoting ethical and responsible conduct together with business and sports alliances, and becoming sustainability heroes by tailoring products and initiatives aimed at safeguarding the environment.”

Spearheading the new initiative is Martin Galea, who was appointed chairperson of the foundation. Galea said it “is an exciting time to be spearheading this initiative, and I look forward to seeing first-hand the positive impact that the foundation will have on Maltese society”.