Bank of Valletta is to invest heavily in a new, state-of-the-art branch in Buġibba to respond to the needs of the large business community and the growing number of residents.

The branch will be fully operative by October 2009. Construction works are to start imminently.

The new branch will provide Bank of Valletta's entire range of retail banking services.

"Customers throughout the years have trusted our brand for all their financial needs," Bank of Valletta chief executive officer Tonio Depasquale said. "It has been our unrelenting commitment to all our customers that has given us the positive results we work hard to achieve.

"BoV is investing in a new branch to continue to provide the quality financial services that we have a strong reputation for.

"As always, we are responding to our customers' needs and are providing a branch that will accommodate the new realities of the community," added Mr Depasquale.

Buġibba, which falls under St Paul's Bay council's jurisdiction, has been experiencing a seasonal flow of residents that transformed the quiet town into a bustling summer resort.

Apart from developing into a leading business location over the past years, the growth in the local permanent population has been considerable in recent years.