KPMG in Malta has published the first edition of Under the Microscope – the first truly comprehensive stocktake of banks in Malta meant to provide a user-friendly analysis of the banking sector which incorporates expert analysis of issues facing the sector.

The publication provides a detailed analysis of the 28 Maltese licensed banks and seeks to address a lacuna in the Maltese market by providing insightful and subjective analysis on the performance of the local banking sector.

Juanita Bencini, KPMG partner for Risk Consulting Advisory Services, said: “While sporadic information on individual banks is available, there is no comprehensive document which aggregates all the information together. It was a natural progression for KPMG to take the lead given it has historically always been very strong in financial services, especially in the banking sector.”

The banks in Malta are remarkably diverse and any meaningful insight depends on understanding this. “We distilled the business model of each of the core banks and when you see it in black and white, you realise how different they are – even though they are operating in the same market,” she explained.

The banking sector in Malta has witnessed significant growth in the past decade. Indeed, since Malta’s accession to the EU in 2004, the number of banks grew from 16 to 28.

Mark Curmi, KPMG senior manager and who spearheaded the publication, said: “Information on the banking industry is imperative, especially in the current banking environment, which remains engulfed in a complex cloud of inter-related regulatory, economic and commercial pressures.”