Bank of Valletta has won the Best Bank Award 2002 for Malta, the third consecutive year that the bank has won this prestigious award granted by Global Finance magazine.

The awards were announced during a presentation ceremony held in Washington.

Global Finance said that one top bank was selected in each country, based on performance over the past year, and other subjective criteria such as management excellence.

Factors considered included growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. All selections were made by the editors of Global Finance, after extensive consultations with bankers and corporate financial executives throughout the world.

Global Finance said that the mix of factors it has used in selecting the best banks yield leading banks that may not be the largest, oldest or the most diversified in a given country or sector, but rather the best - the bank with which corporations around the world would most likely want to do business.

"It is encouraging to note that BoV is once again being recognised for its achievements. The bank is a strong financial services organisation with solid business fundamentals," BoV chairman Joseph Zahra said in a statement.

"Indeed, results for the financial year ended September 30 underline the strength and resilience of BoV's operations."

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