Bank of Valletta has won the World Finance 2012 award for Best Corporate Governance in Malta. BoV CEO Charles Borg was presented with the award in London where he was also interviewed by World Finance, a leading UK based financial magazine, at the London Stock Exchange.

World Finance highlighted that BoV complements its conservative financial risk profile with product and technological innovation and a governance structure that seeks to reflect international best practice.

It noted that BoV’s pivotal role within the Maltese economy has always served to steer it towards a conservative business model.

“BoV’s ethos has always combined a conservative risk appetite with product and technological innovation,” reported World Finance.

In the interview, Mr Borg spoke about the challenges facing the Maltese economy and how Bank of Valletta is focused on supporting its clients even during difficult times.

“Over 90 per cent of BoV’s corporate clients are small- to medium-sized enterprises. The BoV Jeremie Financing package is helping our SMEs to invest further in their business, to internationalise their operations and to seek new markets. We have recently also established a new EU Business Development Department through which the bank will be seeking to tap into other financial instruments from which SMEs can continue to benefit,” said Mr Borg.

World Finance commented that the challenges lying ahead for BoV are many, and most are shared with the rest of the European financial services sector. Fundamental issues such as the sovereign debt crisis and the prospects of an economic downturn are as much on BoV’s radar screen as they are on pretty much every other bank’s.

In this context, BoV’s CEO said that notwithstanding the challenges, BoV’s growth targets are ambitious with the bank continuing to internationalise its operations by widening its service offering to international clients as Malta continues to develop into a financial centre.

“As the largest financial services organisation in Malta, we are committed to and playing a leading role in supporting the Maltese government’s strategy to promote Malta as an international financial services centre,” said Mr Borg.

Mr Borg concluded by setting out his vision of market leadership for BoV based on innovation and the strengthening of consumer trust and confidence. World Finance highlighted that this blend of ambition and prudence, of creativity rooted in stability, fits perfectly into the culture that has served BoV so well, and augurs well for its continuing success in a future which promises to be challenging.

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