The presence in Malta of banking institutions like Raiffeisen shows the long way the local banking sector had come, Prime Minister Lawrence Gonzi said at the opening of the new offices of Raiffeisen Malta Bank plc in Sliema on Friday.

Dr Gonzi said a country which originally had four retail banks, most of which were owned by the government, now boasted the presence of 20 foreign or privately-owned banks.

The enactment of the 1994 package of financial services legislation and a new Companies Act in 1995 prepared fertile ground to attract international banking institutions of Raiffeisen's calibre, he said.

"It is with great satisfaction that I note the step forward made by this institution, with additional staff, larger and more sophisticated premises and with state-of-the-art information technology systems," Dr Gonzi said.

The country's economic climate and stability was bearing fruit, especially in the financial services sector, which was becoming one of the most important pillars of the economy.

Witness to this was the success story of Austria's Raiffeisen which started in 1996 and was able to build on this stability.

He said he was confident that Raiffeisen would continue to increase its business in Malta, contributing further to the Maltese economy and to its shareholders' satisfaction.

The government would assist and provide the required climate and conditions so that similar banks of international repute would set up in Malta.

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