Banif Bank opens new branch in Rabat

Banif Bank (Malta) plc has opened a new branch in Rabat. It was inaugurated on Tuesday by Prime Minister Lawrence Gonzi in the presence of the bank’s top officials, local dignitaries, clients and employees.

Banif Bank chairman Joseph Sammut highlighted that despite the difficult international economic environment, which has brought about new market realities, Banif Bank is still pursuing its policy of business growth, as well as investing in the local economy.

This new branch increases the bank’s retail network to nine branches, complemented with a corporate and business banking unit, a private banking arm, electronic banking facilities and trade finance solutions.

“Today Banif is considered as one of the leading commercial banks in Malta.

The awards for Best Banking Group awarded by World Finance for two consecutive years are clear proof that Banif is also highly regarding by fellow professionals in the financial services sector”, Mr Sammut said.

Banif Bank CEO Joaquim Silva Pinto reaffirmed the bank’s commitment to keep moving forward.

“Our retail network has now been extended to nine different localities and will keep growing until we, and the market we serve, feel that we have the right dimension to provide the best level of service possible.

This is an unequivocal demonstration of the soundness of the project and the commitment of the Bank’s management and shareholders to reach their targets,” Mr Silva Pinto said.

Dr Gonzi said the government’s policies have generated positive results. Malta’s growth rate, he said, stands at 2.3 per cent, which is higher than both European and euro area averages. Assets to all credit institutions rose to €49.5 billion in 2010 and deposits of all credit institutions reached the €26 billion mark, an increase of €5 billion in three years.

“The growth of the financial services sector has also translated into more and better jobs for Maltese graduates. Eurostat statistics released just yesterday show that at 6.2 per cent, Malta has the fifth-lowest unemployment rate in the EU. This puts it in line with the strongest economies in the euro area – Austria, Luxembourg, Netherlands and Germany.

“On a purely sectoral level, 9,599 jobs are supported by the financial services sector today, an increase of 1,072 jobs in three years.

It is clear that in order to sustain this growth, more young students need to be attracted to this sector. In the last academic year, 2,000 full time students were enrolled in the Faculty of Economics, Management and Accountancy within the University of Malta and 800 students read courses in the sector at MCAST,” Dr Gonzi said.

Banif Bank’s branch in Triq il-Karrijiet will be managed by Darren Mascena.

It will be open for the public from Monday to Friday between 8.30 a.m. and 2.30 p.m. and on Saturdays between 8.30 a.m. and 12.30 p.m. excluding bank and public holidays.