BOV ready to exploit European niche markets

Bank of Valletta chairman Joseph Zahra yesterday said the bank was prepared to take advantage of every opportunity that Europe can offer, including the possibility of expanding operations by tapping niche markets on the continent.

"Thanks to the investment the bank has made in the area of internet banking, it is possible today for us to use alternative delivery channels so as to expand our services beyond our shores and take advantage of new international markets that can become available to us," he said.

He was speaking during a visit to the BOV Centre in Sliema by President Guido de Marco.

The President toured the BOV's Museum of Banking, which was set up in 1997 and exhibits a number of items of historical interest, including ledgers, machines and photos dating back to the 19th century.

Victor Tortell, the curator, explained that BOV's origins date back to 1809, when the Anglo Maltese Bank was set up by a number of mainly English merchants.

The President also visited the bank's treasury department, which operates in the international foreign exchange market and is principally involved in the management of the bank's foreign and local fiscal assets.

The BOV Centre houses 30 departments, which collectively provide employment to over 300 employees.

Prof. de Marco described the bank as a valid contribution to the country's economy.

He also commented on the growing interest of the public in several other new forms of investment available. Maltese people, he said, had throughout the years matured in their approach to investing their money, resulting in an additional factor to the country's well-being.

The President had a private meeting with the bank's board of directors, followed by a luncheon.