Bank of Valletta chairman John Cassar White explained to shareholders yesterday why the bank paid the government €4.6 million to extend its lease of the House of Four Winds in Valletta to 65 years and convert it to emphyteusis.  

Mr Cassar White said that the bank wanted to extend the return on investment on the property in Valletta, which sits on the bastions overlooking Marsamxett.

He was replying to questions at the annual general meeting from a shareholder, Guido Bonnett, who asked him to justify the bank’s decision. 

Mr Cassar White said that the bank had invested a considerable amount in the total renovation of the site, which it had taken in “exchange” for offices it occupied near the Old Opera House. The original lease was signed in 2010 for 30 years.

He also announced that the building opposite the bank's main office in Sta Venera will be used for its wealth management clients.

BOV is also concluding discussions with the regulator and consumer representatives with a view to introducing an online trading platform, which could be completed within the coming months.

More on The Times of Malta and the e-paper on timesofmalta.com Premium. 

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