The Banker, the monthly banking publication of the Financial Times, has named Bank of Valletta as the Bank of the Year in Malta 2005.

The award was presented to BOV's chief executive officer Tonio Depasquale during an awards ceremony held at the Dorchester Hotel in London yesterday.

Mr Depasquale said that this was an extremely important achievement for the bank considering the increasingly competitive market in which it operates.

"This prestigious award attests to the validity of Bank of Valletta's strategy and acknowledges the success BOV is registering as the leading financial services organisation in Malta," he said.

"The Bank of the Year in Malta 2005 award shows that our efforts towards better customer focus, optimum quality and cost-efficiency are being successful. Indeed, these are the areas in which we seek to excel."

Mr Depasquale said the bank's "Brand Promise", with support and mutuality as its underlying principles, was being implemented over a three-year period while its customer offering was being upgraded through both traditional and technological means.

"The development of a cost-efficiency culture is also reaping results. All initiatives are implemented with a view to providing optimum return on investment.

"The bank currently enjoys a cost-to-income ratio of 47.4 per cent, ranking among the best organisations when benchmarked against other European financial institutions," said Mr Depasquale.