BOV opens Brussels office
Dr Gonzi is welcomed at the new BOV office.
A representative office of Bank of Valletta was opened in Brussels this morning by the Prime Minister.
"Today, is an important milestone not only for Bank of Valletta, but also for Malta.
"At a time when the European banking and financial sector has come under considerable stress over the past few weeks, Malta's banking sector is today projecting a message of resilience, strength, vision and growth," Prime Minister Gonzi said.
He said the opening of the office brings Europe and its opportunities closer to the Maltese private sector.
Europe, he stressed, offered enormous opportunities despite the challenges that the world was facing.
Dr Gonzi said that having joined the EU internal market and adopting the euro, Malta projected itself as a sound and attractive destination for foreign investment and opened up opportunities for Maltese entrepreneurs.
Malta's economic fabric was today more diversified and the private sector managed to respond, restructure, invest and employ more.
Throughout this transition, Maltese businesses were given the assistance and support of European schemes and funding. Since 2007 over 2,600 businesses benefited from direct European funding amounting to over €76 million. The absolute majority of these beneficiaries were SMEs, Malta's economic backbone.
In addition to these funds, the Government secured €51 million through the JEREMIE initiative that Bank of Valletta was operating. Over 300 SMEs benefited from this favourable credit facility. €28 million euro have been sanctioned from the fund generating close to €45 million in investment.
"This is Europe. We are together creating opportunities for growth, investment and employment. Today, Malta is registering amongst the fastest employment growth rates in Europe as well as the lowest unemployment rates.
As Malta continues to face the challenges that are unfolding on the European scene, my government remains committed to negotiate in favour of Malta and its private sector," Dr Gonzi said.
OFFICE TO ASSIST MALTESE BUSINESSES
The new BOV representative office will assist Maltese enterprises tap into EU centralised funds and help them take advantage of the evolving EU internal market.
The office, which will be headed by Mark Scicluna Bartoli, will also help to enhance the bank’s already good working relationship with EU institutions namely the European Commission and the European Investment Fund, and the Pan-European associations based in Brussels.
The office is hosted within the headquarters of the European Savings Banks Group (11, Rue Marie-Thérèse / Maria-Theresiastraat) of which BOV has been an active member for the past 10 years.
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A. Mizzi
Jun 28th 2012, 22:04
Why not at Dar Malta and get some return on investment?
Bank of Valletta at Dar Malta.... quite a ring to it, and there is vacant office space as well!
Henry Mifsud
Jun 28th 2012, 17:23
Next month marks the 26th anniversary when I started my journey Down Under to set up the very first representative office for a Maltese bank abroad. Though such a bold step was hardly ever duly acknowledged by the bank, history has been written and that story has been cast in stone (irrespective of how much some try to play down that event). Due to the great success achieved, since then BOV decided to venture into other countries. However, with regret one can note that through the years, key offices such as that of Sydney, NSW, were closed down leaving many Maltese migrants baffled.The same happened in Canada. Today with hind sight, I wonder whether such moves were based on a solid strategy or on one based on convenience.
Patrick Sultana
Jun 28th 2012, 16:47
Good move. Well done.
Can't really think how someone can stay writing negative things on such news - but oh well shows that your agendas are party politics above national interest.
Charles Grixti
Jun 28th 2012, 15:47
Maybe that is why BOV shut down its operation in Canada, leaving lots of clients upset and angry. To open up in Brussels, the capital of the new empire.
Mr Andrew Camilleri
Jun 28th 2012, 14:38
Mr Prime Minister, any comments on those poor people who got nabbed by BOV, as concluded by MFSA? have you anything to say to these people who trusted the bank and lost thousands? Or are you just happy for any photo opportunity?
Joseph Gatt
Jun 28th 2012, 14:27
It is rather sad & pathetic how the Prime Minister continues to dilly dally while Rome burns. Honestly, the Country deserve much better than this
Joseph Ellul
Jun 28th 2012, 14:10
A step in the right direction. Now start getting all those politicians with a huge wad to invest in the BOV. This is why Malta has a branch there, is it ? I hope not to get money out of Malta!
T.F. Busuttil
Jun 28th 2012, 14:08
Last week Parlament the highest institution on the Land decided in its majority that Mr richard Cachia Caruana will be removed from his position (imkecci) was it important that he is still in his job and photographed (see picture) behind the PM. I think the Prim Minister wants to spite the Maltese people. Was it important that RCC will be there for the opening of BOV.? Sfida kbira
Joey Tribbiani
Jun 28th 2012, 13:37
I like Mr ganninu Saliba's joke - nice sense of humour.
Lawrence Fenech
Jun 28th 2012, 13:18
Too late, issa RCC telaq.
Barney Camilleri
Jun 28th 2012, 13:12
This report left me in OH!
If one is to assume it is a true verbal quotation, then I have to believe someone is being taken for a ride.
Allow me to refer to the last paragraph that one can write pages on. ''My government remains committed to negotiate in favour of Malta and its private sector''.
If this 'commitment to negotiation' is our guide that is leading us to a deficit of 6 BILLION euro and counting. I submit, please Sir stop negotiating because it is people of the street the like of me and my children and their children that must pay back when pay back time comes.
It is not correct to say the world is in a recession. Please see how Germany, Brazil, India, Russia, Saudi to mention five countries.
Anthony Scicluna
Jun 28th 2012, 15:15
You are truly delusional if you say that the world is not in a recession. Check CNBC, BBC and other business news sites. Just because some economies are faring better it does not follow that the world is out of or not in a recession. And, in contrast to those worse off Malta is in a much better position - check out unemployment rates in Spain, Italy and Greece to mention 3 countries. Malta had those forms of unemployment percents under a labour government in the mid 1980s when there was an economic boom in Europe
Barney Camilleri
Jun 28th 2012, 18:20
@Anthony Scicluna
I prefer to adhere to my points.
First, Malta compared to external relation with a small population and size has been put in a narrow trough having 6 billion euro and counting of excessive spending that you and I have to finally pay back. If this is making you proud, to me it is a shame.
Second, Spain, Italy, Greece, Ireland, Cyprus and Portugal some say even France have high unemployment and financial problems to show since becoming part of the E.U. and that is no delusional.
Yet China, India and Russia are beating the U.S. in space exploration, Germany, Canada, Australia, Brazil and other Asian countries are taking over what used to be European export, it is not that the world slowed down but the E.U. is living a bubble that if not tomorrow the day after it will burst.
Anthony Scicluna
Jun 28th 2012, 19:33
Barney, Thanks for being so polite in your answer - I wish to reciprocate the tone even though I do not agree with you.
I never questioned your point of a high deficit. I'd be an idiot if I deny that.
The connection you make between joining the Union and unemployment in France, Spain, Italy, Greece, Ireland, Cyprus and Portugal is absolutely unsubstantiated. You say "some say". Who are these "some"? There are severe economic problems in the West and this is NOT because there is a union or a legislative/economic harmonisation. It is not because of the Euro Zone either. The falling value of the Euro is an effect and not a cause. This is what irks me most about commentators. They swallow the Labour fiction that the Euro is a cause.
The initial signs of economic downturn began in the early 2000s with the dotcom burst where many over-priced IT stocks came crumbling because of bad management. These were followed by shocks such as Enron and the scandals of the banking industry. Oil prices came next.
China's progress in space exploration is not an economic indicator. Check out Business Week to see the real estate problems that there are in China (I believe it is an April or March 2012 issue) - bubble is bursting there and the tiger cannot sustain economic growth for long. India has similar problems with extremes in poverty
The reason why production is moving to Asia is simple - labour price is significantly cheaper. If here you pay say 600 to 700$ a month, in China you pay $100-150. The problem will start when research and development moves out of the US, Europe and the West. This is NOT happening. What is happening is that China is creating its own knowledge base - hence space exploration. In itself that is actually a good sign because it will kick the US in the presidential behind and allocate spend there with (hopefully) positive ripples on industry.
To say that the world is not in a recession is to deny what is a known fact or burying your head in the sand or, worse still, believing what Labour want you to believe.
What irks me is that with his doctorate in business, Dr Muscat remains clueless. The TRUE route to economic growth is not simply reducing spend. It does not follow that a reduction in public spending without increases in NEW sources of tax revenue will lead to economic growth. This is a well known fact among policy makers and economists. By new sources I do not mean let's tax the rich. If you try to do that you will get increased tax avoidance which is legal. Economic growth happens through innovation and BoV opening an office in Brussels is one form of innovation that brings in a new source of tax revenue through foreign investments.
Ms Rudi Mcbeal
Jun 28th 2012, 13:04
Excellent news!
Well done, once again, Prime Minister.
Mr Andrew Camilleri
Jun 28th 2012, 14:40
Well done for what? For cutting the ribbon properly?
Ms Rudi Mcbeal
Jun 28th 2012, 16:46
No, well done to have driven you lot into hysterics, as usual.
T.F. Busuttil
Jun 28th 2012, 13:04
was Mr Bonello invited?
Claudia Spiteri
Jun 28th 2012, 23:53
Sure he was.
Joseph Grech Attard
Jun 28th 2012, 13:01
"Malta projected itself as a sound and attractive destination for foreign investment and opened up opportunities for Maltese entrepreneurs..." More of the latter than of the former it seems! Shares of the BOV have dropped significantly this week. Let's hope they shoot up again by this enterprise.
What the citizens cannot understand is why, with such favourable conditions and funding from the EU, governments of the past 25 years have managed to accumulate 6 billion euro in debts! If one adds all the millions we received from EU funds, and then one subtracts what we paid back to the EU as well as what we forwarded as bailouts (with a lower interest rate), one should find that we are at a loss! We could have done better or the same without being in the Eurozone!
So GonziPN may be smart and effective for the 'clique', but unsuccessful and inefficient for the country!
Ivan M. Dingli
Jun 28th 2012, 12:46
I do hope that BOV have rented some office space within 'Dar Malta'... this way maybe we'll start getting some income from this other white elephant!!
Gianninu Saliba
Jun 28th 2012, 11:37
What can I say? Gonzi - Smart, Effective, Successful and above all efficient.
Ruben Hili
Jun 28th 2012, 11:41
Like ...Like ...Like
effie stafrace
Jun 28th 2012, 11:55
what can i say?gonzi-smart city,effective high inflation,successful in destroying his party and above all efficient that blue eyed boys are well taken off
Paul@ Micallef
Jun 28th 2012, 12:05
Smart, Effective, Successful and above all efficient. just have a look at the BOV share price and you will have your answer.
Mr Stephen Borg
Jun 28th 2012, 12:11
Yes yes it is us we have to deal with ever rising cost of living and energy tariffs with sub standard wages. That is how smart our PM is.
Joey Tribbiani
Jun 28th 2012, 13:01
I like your joke!
fred sammut
Jun 28th 2012, 13:03
Smart - he has been surprized two or three times in a month
Effective- is very different from efficient !!!
Successful - yeah pull my othre leg pls
Efficient - yeah.... whote rocks project, cottonera project, marsa power station etc etc etc
C. Bartoli
Jun 28th 2012, 13:23
@ Stephen Borg- I wonder how funnily enough everyone forgets the high prices of energy tariffs that Alfred Sant was going to impose on us in the 1997 budget.
Please choose the reason of your report below: