of Valletta Stockbrokers inaugurated
premises in Floriana were officially inaugurated yesterday by Prime
Minister Eddie Fenech Adami.
Addressing the inauguration ceremony, Bank of Valletta Group Chairman,
Joseph F.X. Zahra explained that "Activity on the Malta Stock Exchange
has increased steadily over the past few years and, in view of the forthcoming
privatisation programme, this should continue to grow healthily, over
the coming years. Furthermore, consumer awareness levels have climbed
to new heights as a wide cross section of the Maltese population now
invest on the Stock Exchange. We are pleased that a favourable environment
has recently been created by the legislative changes to allow banks
enter the stockbroking arena and in the year 2000, BoV was the first
bank to enter the brokerage business. For the Maltese financial sector,
this was another first."
Mr Zahra added, "BoV is acknowledged as market leader in innovation
and for seeking new avenues for raising finance other than through traditional
deposit liabilities. This was confirmed by the overwhelming success
of our two bond issues during the year 2000. The transition to non traditional
financing is complemented by a drive to increase non-interest income.
Given this direction we are constantly on the lookout for opportunities
created by the local or external environment. The new stockbroking business
and the enhancement of our investment banking role not only yield attractive
returns to the Group as a whole, but also make a valid contribution
to the development of local capital markets.
Meanwhile, addressing the inaugurating ceremony, Prime Minister Eddie
Fenech Adami explained, "It satisfying to see Bank of Valletta
taking up the opportunity and challenge presented by the legislation
that my government has enacted to keep the country abreast of major
economic and political changes, both domestic and international. The
setting up of BOV Stockbrokers Ltd will not only benefit the BOV Group
by transforming Bank of Valletta into a full financial services provider,
but it will also increase the local investors accessibility to
financial markets, as well as extend local listings to international