2024 is an important year in the history of Bank of Valletta Group as this marks our 50th anniversary, from the Bank’s set up in 1974. 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 that the Bank operates in.
Since its inception, BOV has embarked on an evolutionary journey moving from the provision of basic banking services to a fully-fledged universal financial services provider. Today the Bank provides its customers in Malta and Gozo with a comprehensive suite of products and services covering basic banking solutions, commercial, personal and trade finance products as well as investment, stockbroking, digital banking, and wealth and asset management services.
Over the years BOV has established a leadership position in the market as well as being an innovator in a number of areas. The Bank was the first in Malta to be listed on the Malta Stock Exchange, to introduce ATMs and payment cards, surely a novelty at the time. The Bank was also at the forefront on the digital front with the introduction of telebanking, and thereon internet and mobile banking services that few would imagine doing without in today’s modern world.
Bank of Valletta was the first banking institution in Malta to take up opportunities created by the 1994 Financial Services legislation, setting up BOV Asset Management Limited (formerly Valletta Fund Management Limited) in 1995, then a partnership with Rothschild Asset Management. Since then, BOVAM has launched a range of domestic and international investment funds, providing income and growth opportunities in the world’s capital markets. 2006, also saw the birth of BOV Fund Services Limited, a fund servicing industry pioneer and fully owned subsidiary of Bank of Valletta. Today BOVFS is Malta’s leading fund administrator, providing a comprehensive suite of services to fund managers and fund promoters alike.
Along the way the Bank has forged many important alliances. Through MAPFRE MSV Life, we offer our customers life assurance products. The Bank also represents Fidelity, a global investment management house where we provide customers with investment products that invest in different investment classes. The Bank also has an agreement with SAXO Bank to provide customers with a modern e-trading platform, and we are today also affiliated with CITI for correspondent banking services, enabling the Bank’s customers to process transactions in different currencies. All these alliances are testament to the Bank’s strength, as we have been recognised time and again as ideal partners for such world-known organisations.
During these past 50 years, the focus on the Bank’s customers has remained a top priority, with customer service at the heart of everything we do. In an era where financial services are increasingly standardised, we recognise the significance of cultivating genuine relationships with our customers. We have therefore evolved our customer proposition, recognising that banking is changing rapidly, shaped by technology, shifting consumer expectations, and economic trends. We are changing the way we do things to ensure they reflect the expectations of our customers as they change over time. The Bank now has a myriad of customer touchpoints, including Investment Centres, Corporate and Business Centres, Trade Finance, a Customer Service Centre, as well as a Premium Banking Centre.
While looking back with nostalgia and pride at the way the Bank has managed the different challenges and opportunities over Malta’s various economic cycles, we are looking ahead with a clear vision of our ambitions going forward. We will be celebrating this important milestone through a number of initiatives involving various stakeholders who have, in some form or other, contributed to the Bank’s success. I look forward to meeting some of you at these initiatives, which will be a good opportunity to celebrate our past, with one eye firmly set on the future.
Where will BOV be in 50 years’ time? Our strategy going forward is certainly to be at the forefront of the financial services industry, being the first in the market when it comes to the introduction of innovative solutions to meet the high expectations of customers. Investing in digital is an aspect that belongs as much to the present as to the future, with the digitalisation of our operational model a high priority. We are committed to deliver the service experience expected by our customers across our physical, digital and hybrid channels, while enabling our customers to self-service their requirements where possible.
Regulatory requirements have developed significantly over the years, and as we develop further, we will continuously improve the BOV’s risk and control environment to ensure compliance with current, new, and emerging regulations. Sustainability is another area that belongs firmly in the future. The Bank will continue to address environmental issues on both an organisational and national level. We have already begun embedding Environmental, Social and Governance (ESG) principles in our operations, and also striving to be catalysts of change in influencing other organisations meet important goals in this regard.
Last but not least, the next 50 years will see the Bank continue investing in people. As leaders in the banking sector, and as we strive to be the Bank and Employer of Choice in the market, we will continue acknowledging the commitment and effort put in by our employees. Our past success is certainly the product of the effort put in by the various Chairpersons, CEOs, Board Directors, and the people of Bank of Valletta. Our employees have always stood apart for their friendliness, professionalism, and desire to provide excellent service. We will therefore continue investing in our people and their careers, recognise and rewarding performance, identify talent and future stars, and take care of their development and wellbeing. This will be the blueprint for the next part of our story, as we journey from good to great.
This article was first published in the BOV 50th Anniversary magazine.