Malta’s financial services sector needs to maintain its good reputation and the Government will work to ensure it remains “a cut above competition”, Prime Minister Joseph Muscat said.

He said the new Government wanted to transmit a message of continuity towards those who worked and invested in the sector.

Dr Muscat was speaking during the launch of UK Agri Bank, a commercial bank that specialises in loaning money to UK farmers.

As he inaugurated the bank’s new offices at the Sky Parks Business Centre in Luqa, Dr Muscat said the bank’s initiative was fully in line with Malta’s vision regarding financial services.

Earlier, the bank’s chairman Joe Borg – a former EU Commissioner and Foreign Minister – listed the reasons why Agri Bank decided to set up in Malta.

Apart from Malta’s strategic position and EU membership, he said the country had a robust regulatory framework as well as tax benefits and the possibility of recruiting professionals at competitive prices.

Dr Borg explained that Agri Bank was granted a credit institution licence from the Malta Financial Services Authority and was regulated under the Banking Act.

Dr Muscat formally inaugurated the bank’s offices by unveiling a plaque, the first one to bear his name as Prime Minister.

As Fr Joe Inguanez sprinkled holy water on the crowd, including Dr Muscat, the Prime Minister jokingly remarked: “You just blessed the Government.” Fr Inguanez quipped that the Government needed blessing.