Arguably one of the oldest forms of banking, trade finance has undergone significant changes over the years.

Bank of Valletta set up Trade Finance Centre in 1993 to centralise its processes. However, there is more to it than process management, and this is what the BOV team at Trade Finance Unit excels at.

Trade finance has always been an integral part of the services offered by the bank but it has been given considerably more importance as demand evolved.

“International trade is governed by universally-accepted rules but that is not enough. To be successful you need to appreciate cultural issues, perceptions and the characteristics of particular markets, and the political, economic and environmental issues in which such trade takes place. You also need to develop an instinct that warns you of risk when a transaction looks good on paper, but is not,” explained Carmel Borg, who heads the unit.

BOV has been named the Best Trade Finance Bank Award for Malta by Global Finance for three years in a row.

“Our achievements in this sector show our commitment to be an enabler and a long-term partner to corporates and entrepreneurs who seek to grow their business, even in times of adversity. Our approach in this field reflects our strategic vision – to remain forward looking and continuously reinvent ourselves. It is only in this manner that we can truly be the financial partner of choice for our customers.”