Malta sold as 'dynamic partner' Down Under

Foreign Minister Michael Frendo has welcomed the decision by the Commonwealth Bank of Australia Group to upgrade its operations in Malta with a full banking licence.

He said the "important" step taken by the CBA Group should be interpreted as a vote of confidence in the Maltese financial services sector and in Malta as a place from where to do business.

Dr Frendo said the presence in Malta of the CBA Group was another tangible example of the results being obtained by the government's high commissions and embassies abroad, in this case, the High Commission for Malta in Canberra.

The CBA Group, one of the largest corporations in Australia, has been present in Malta for over a year-and-a-half and, since December 4, 2004, has been operating as a financial institution licensed by the MFSA. On August 26, this year the financial services regulator issued a full banking licence to CommBank Europe Ltd, which will be specialising in the provision of wholesale banking services.

Speaking at the formal opening of the CommBank Europe Ltd's new offices at The Strand, Sliema, Dr Frendo said he was especially satisfied with the CBA Group's decision to strengthen its presence in Malta.

"Malta enjoys high name recognition in Australia and New Zealand and we should all endeavour to position Malta as the more cost-effective, friendly, English-speaking member of the European Union with which, in which and through which, mainstream Australian and New Zealand companies can do business.

"Australia and New Zealand have, in Malta, a dynamic partner which is now part of a single market of over 455 million people and an excellent gateway to the growing markets in North Africa," Dr Frendo said.