BOV unveils electronic stock brokerage service

Bank of Valletta yesterday became the first bank in Malta to launch an electronic stock brokerage service, enabling clients to manage their investments whether in Malta or elsewhere at any time.

Using safe channels, clients can use the service to sell or buy equities and bonds of companies listed on the Malta Stock Exchange or else instruct the bank to act as a nominee and trade shares on international stock markets on their behalf.

During a live demonstration, Victor Denaro, executive head, IT at the BOV, explained that by creating a trading account or by using an existing one, clients can place an order for purchase or sale of securities.

The service can be accessed through any internet connection, WAP mobile phone or by going through the BOV customer service centre where bank staff will be able to accept customer instructions over the phone.

"Orders may be viewed and modified until execution time as clients also create their own portfolio of transactions, present holdings and trading information about particular securities," Mr Denaro said.

He explained that clients could create a virtual portfolio, keeping track of gains or losses of imaginary investments that they might be interested in.

All information on international markets is kept up-to-date and fed in from Reuters.

Speaking at the BOV head office in Sliema, chief executive officer Tonio Depasquale said the service offered by BOV Stockbrokers Limited was a breakthrough in wealth management.

"While the service will be introduced in addition to other services currently offered to the bank's clients, people who do not have access to other BOV services can still apply for electronic and mobile brokerage," he said.

Mr Depasquale said BOV had invested millions of liri to create electronic services, telephone banking and mobile banking to offer a better service to people.

IT systems, he explained, had facilitated transactions over the years but a great number of clients still preferred to wait in queues and make transactions "over the counter".

"We think that between 75 - 80 per cent of clients who go to the branches for services and transactions can actually get the same service without going to the bank," Mr Depasquale said.

BOV 24x7 subscribers have been given automatic access to these services free of charge. Upon accessing the internet banking facility, a new icon will feature in the main menu.By clicking on the icon, clients will be routed to the eBrokerage homepage - www.bovsl. com - or are asked to display terms and conditions of subscription.