19 JUNE 2002
By Mario Schembri Wismayer
Bank of Valletta recently released the ninth edition of its publication, 'shareholders link' in a highly revamped format. In a short introductory address, Christine Albani welcomed the opportunity to address the shareholders for the first time as Investor Relations Officer. Ms Albani said that the motivation behind the publication's overhaul was to make it a more efficient tool for communicating with the shareholders. She stressed, however, that certain aspects which had worked in the past would be retained.
This issue is packed with many articles which are worthy of note, mostly because of their innovative value.
One innovation was the introduction of the BOV Direct Credit system, whereby regular income from a diverse spectrum of sources, such as pensions, wages, and dividends can be transferred directly into a specified account without incurring any charges. Its creation was motivated by the wish to make life more convenient for everybody. This system eliminated the need to queue up.
Another milestone in BOV development was the introduction of private banking services to Maltese residents by opening its Wealth Management Services to Maltese residents. This service provides personalised options, chosen from a whole band of investment products offered by the bank and other companies.
Bank of Valletta reiterated its commitment to the community by sponsoring for a second year running the Transplants Support Group and again extending a helping hand to the Eden Foundation in the shape of a donation. BOV also sponsored the annual seminar held by the Advertising Association which focussed on sponsorships. A half-day seminar organised by the bank discussed business potential in Libya in conjunction with Libyan infrastructure and economy.
Further to this BOV officially inaugurated its new representative office in Libya last January. This office will be concentrating on helping its customers understand business opportunities that are becoming available in Libya. Mr John Pollacco BOV's resident manager in Libya can be contacted by telephone on number 00218 21 3351661/2/3, fax 00218 21 335 1665, or by e-mail on firstname.lastname@example.org
Investment in Maltese culture also featured highly on BOV's agenda. In fact the bank has sponsored the restoration of four Valletta fountains and has also taken it in hand to financially support the maintenance of these fountains for a period of five years.
In the same vein, the BOV Opera Festival was successfully held, featuring Verdi's 'La Traviata', Mozart's 'Cosi' Fan Tutti' and a performance in honour of Bellini. An exhibition by one of Malta's foremost painters, Raymond Pitre' is due to be held shortly.
A programme to educate people in investment has been launched with visits to various localities by experienced officials. According to Ms Christine Albani, Investor Relations Officer, even though the project is still in its early stages the response so far has been good. According Ms Albani, one major problem in this sector was that it was perceived as being a specific field in which only professional operated, which is why the bank had decided to provide financial education for who wanted it. More information about these lecture can be sought by phoning 2124 8163 and asking Ms Albani for details. Alternatively, information can be accessed through the e-mail address email@example.com
BOV has registered a pre-tax profit of Lm6.9 million, improving its half-yearly profit over that registered last year. For the period up to March 2002 the bank saw a strengthening of core activities with an increase in both net-interest and operating income.