BoV redefines its line of business

"Although the Bank of Valletta is still dependent on its core business, it has managed to diversify its operations and has completely changed its line of business, shifting its orientation from the banking services sector to the broader financial services sector," chairman Joseph F.X. Zahra said.

"This redefinition of our line of business from that of a traditional retail bank to a fully-fledged financial services provider has proved that we are capable not only of coming up with new business concepts within the financial sector, but also of taking advantage of the new opportunities available," he added.

Mr Zahra was speaking when he inaugurated the first annual conference of BOV Stockbrokers Ltd, a fully-owned subsidiary and the stockbroking arm of Bank of Valletta plc. Mr Zahra said BOV was also at the forefront to venture into the stockbroking business when it set up BOVSL in 2001 as part of its diversification strategy.

BOVSL offers stockbroking services.

The conference, which discussed the future prospects for Malta's financial and investment services business, brought together for the first time all BOV Group employees whose roles are related to the provision of investment services.

The programme included an overview of the local stock exchange performance and various sessions that discussed issues related to investment banking, treasury management, trusts, monetary policy in Malta and future business opportunities in financial services.