4 July 2001

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BOVI operations reintegrated with BOV Group

- BOVI’s private banking services extended to Maltese

The Bank of Valletta Group announced recently that its directors have decided to reintegrate within the parent company the operations currently being undertaken by Bank of Valletta International Limited (BOVI), whose ten year offshore banking licence is due to expire at the beginning of October.

Accordingly, BOVI’s private banking operations will be run by a division within the Bank of Valletta and will now be extended to Maltese citizens as well.

BOV explains that the merger forms part of its strategy of reviewing its structure on an ongoing basis with the objective of making more efficient use of its resources attaining economies of scale.

The Group expects to implement BOVI’s merger into BOV with effect from 22 September.

The Business Times, Network House, Vjal ir-Rihan San Gwann SGN 07
Tel: (356) 382741-3, 382745-6 | Fax: (356) 385075 | e-mail: editorial@networkpublications.com.mt