Banif Bank is to roll out ATMs in five of its branches in a two-phase, 12-month project, chief operating officer Nuno Martins told The Sunday Times.

The latest-generation machines will be installed in branch lobbies and will be initially available for use by Banif customers.

Other banks’ customers will be able to use the ATMs in the summer after agreement is finalised with the Visa network.

The capabilities of Banif’s ATMs include cash flow recycling to ensure greater availability to customers while they undertake validation processes to remove damaged notes from circulation as mandated by European regulations.

Mr Martins added that the bank also planned to introduce standalone ATMs after completion of this project.

Banif is currently putting the final touches to its ninth branch which is to open in Rabat shortly.

“We are keeping to our original ambitious business plan to become the third retail banking group in Malta,” Mr Martins said.

“We could not achieve that without a strong commitment to investment to serve the customer base.

“The bank took stock last year after three years of very rapid growth: It is committed to giving its shareholders return on investment and it also has to focus on its business activities besides its investment strategy,” he said.

Since it was incorporated in Malta in 2007, Banif Bank has substantially grown its business and corporate client base, besides a healthy individual customer portfolio.

Mr Martins said Banif’s local teams had until now provided essential, mostly credit-oriented, services to corporate customers but the bank was seeking to expand its offering in a bid to win more business from firms involved in import and export and activity in international transfers.

Banif Bank has submitted an application to local authorities for a licence to allow it to provide investment services.

Banif Group, which has majority shareholding in Malta’s Banif Bank, incorporates an investment arm within its fold. Although its function is not formally represented in Malta, it is able to lend its support with expertise in specific areas for business.

Mr Martins said Banif’s original strategy had envisaged an almost immediate implementation of a basic online service offering which had been launched within a year of the bank establishing a presence on the island. Never had Banif set up an IT infrastructure with a wide range of services in such a short term, he said.

The bank was now keen to build on the platform to offer increased sophistication and efficiency.

Around 62 per cent of clients have subscribed to Banif’s internet banking services known under the ‘Banif@st’ brand. The bank is the only local institution to offer the service at no charge in the belief that customer use of the platform contributed to reduced overheads.

It also sought to reward internet banking customers with incentives and special rates.

Following the recent introduction of a facility allowing customers to pay utility bills online, Banif now planned a series of “interesting and differentiating” services for corporate customers.

The chief operating officer pointed out that Banif was committed to its declared target to capture at least 10 per cent of the local market by its fifth year in business.

Banif considered its main differentiator to be high service levels offered to customers in different sectors. Mr Martins said quality service enjoyed by clients in the initial stages of their relationship with Banif ensured a solid foundation on which to build and with which to compete in the local market.

“In three years we have invested strongly in the branch network, the IT infrastructure, the business and corporate teams, and differentiating and innovative products,” Mr Martins pointed out. “Relationships with customers should be comprehensive so that their loyalty can be won. Relationships are not fostered through savings and loans alone.”

Towards the end of last year, Banif expanded its headquarters within the business block at No. 203 Rue D’Argens in Gżira by 50 per cent to accommodate an ever-growing team.

Banif has been the largest recruiter in Malta’s banking sector in recent years and Mr Martins pointed out that the 2010 break to take stock of the operation did not halt its search for talent.

The Banif “family” was now just shy of 150-strong, he said.

Asked how Portugal’s economic environment affected Banif’s operation in Malta, Mr Martins replied: “The situation in Portugal affects our ability there to invest further. The credit rating agencies’ downgrades have affected the quality of the assets.

“However, it must be emphasised that Banif Bank is a Maltese bank and a fully independent Maltese institution – Portugal’s situation has no influence on our activity.

“We capture our resources here and we invest them here.

“As long as the situation in Malta is sound, our business in Malta is sound, and the rate of the republic of Portugal is only a marginal effect in that it only affects our shareholders.”