The Banker, the monthly banking title of the Financial Times Group, has again named Bank of Valletta as the Bank of the Year Award in Malta for 2002. This is the second consecutive year BoV has been honoured with this prestigious award by The Banker.

This achievement is even more rewarding when considering the tough market conditions in which BoV had to operate throughout the past 12 months. Other prestigious banking names that have won awards by The Banker include Deutsche Bank, JP Morgan, BNP Paribas and the Royal Bank of Scotland.

The prestigious award was granted to Bank of Valletta in view of the Bank's efforts, among others, to bring forward a number of technological developments that provided the bank with a significant market advantage, namely the re-engineering of credit operations involving various sub-systems such as personal lending, credit strategy management, credit scoring, arrears monitoring, and collateral processing and sanctioning (CPS).

Other achievements and initiatives included a group structure review that re-integrated three subsidiary companies within the parent company; increased efficiency through a sound centralisation process; success within the investment banking sector and, in the private banking segment, through the offer of wealth management, tax planning and financial advice services; and developments in credit management and credit risk monitoring.

The bank's award was announced during a ceremony held at the Dorchester Hotel, London. The Banker Award is an annual event that looks at a bank's growth and performance over the year in terms of its capital, assets and return on equity. It must also demonstrate how use of technology is helping them advance their market position and show how their banking structure and strategy will equip them for future developments in their market - a particularly tough task in light of the current market conditions.