Bank of Valletta has become the first bank in Malta to set up a new business unit focusing on the provision of trustee services. The services that will be offered under the brand name, BoV Trustee Services, will continue to widen and strengthen the range of financial services offered by Bank of Valletta in the area of wealth management.
"We consider the area of wealth management and, specifically, the area of trusts as one of the higher value niche areas in which Malta and BoV can compete best," BoV CEO Tonio Depasquale said during a meeting he had with Paul Gauci, who has been appointed head of the new Trusts Unit.
The team, which will also include Dr Andrew Chetcuti Ganado as the legal advisor, will be operating from BoV's Head Office at 58, Zachary Street Valletta.
The launch of the new BoV Trustee Services is a direct result of the broad-based, externally focussed strategic review that the bank has completed within the context of Malta's development as a Financial Services Centre. This review had the scope of identifying where the opportunities lie in the context of the wider financial services business. It has also helped BoV to develop a comprehensive understanding of Malta's and the bank's competitive advantage and the identification of new areas of growth.
"The BoV Trustee Services set up, led by Paul Gauci, will enable Bank of Valletta to compete effectively in this area and to generate further business growth," said Mr Depasquale.
Commenting on his new appointment, Mr Gauci said that he looked forward to providing long term and added value services to the bank's customers in the areas of trusts. BoV Trustee Services provide a high level of sophistication and are now possible following the recent enactment of trusts legislation and the granting of a licence to BoV.
"A trust is a well-established arrangement that offers confidentiality and continuity whereby a person, known as a settlor, transfers the legal ownership of assets to a trustee to hold that property according to the settlor's wishes for the benefit of another person or persons known as the beneficiary or beneficiaries," Mr Gauci explained. He said that the BoV Trustee Services will include the provision of a full range of services in relation to the establishment and administration of trusts.
"The BoV Trustee Services can help our customers plan effectively for the future in a number of ways, including, estate planning, avoiding disruption on death, asset protection, protection of family members and preserving family wealth, among others," Mr Gauci added.
Services offered range from the preparation of the trust deed and handling of all relevant documentation to arranging for the preparation of the trust's tax returns for income tax, capital gains tax and inheritance tax and dealing with the sale or transfer of assets when the time comes for them to be distributed to the beneficiaries.