Bank of Valletta increased its chain of offices abroad with a bank office in London. The representative office of BOV, which is situated at the financial heart of the English capital, is aimed at serving as a bridge to attract investment and businesses towards Malta and the United Kingdom.
Bank of Valletta chairman, Deo Scerri, stated that the office should serve to encourage new investment towards Malta. He said that previously the bank opened offices in countries of Maltese migrants – such as Australia and Canada – however they are now looking at financial centres as the ones with offices in Milan and Brussels.
“We are opening these places to bring business which intends to open in Malta. As to financial services, such as wealth management, fund management, asset management, and attract business such as light industry”.
Mr Scerri added that the London office comes at a time when it is crucial that Malta increases its presence in the UK, due to Brexit. “Malta may be the step for passporting in Europe. Business opening in Malta from where they trade in Europe. We will be a link between the United Kingdom and Europe.”
During the inauguration of the office, Prime Minister Joseph Muscat praised the fact that a local bank is joining the Government efforts to attract foreign direct investment. Dr Muscat stated his hope that the British Government maintains strong trade relations with the European Union, adding that with a traditional British legal system Malta may be ideal for British companies to maintain a presence in the European single market.
The Prime Minister stated that the fact the Maltese economy is strong continues to make Malta attractive to develop economic niches, including in the financial and maritime services.