HSBC, BoV refute Sants warning
Both HSBC and Bank of Valletta yesterday refuted Opposition
leader Alfred Sants listing of the banks among companies he believes
would suffer from an EU membership for Malta.
In a joint statement released yesterday the banks explained, "The
Maltese commercial banks are already operating in an international environment,
given that local financial services legislation is largely aligned with
the EU acquis and other international regulations and standards.
"The Maltese financial services sector is generally already operating
in a liberalised and highly competitive environment comprising a mix
of local and international financial institutions in different lines
of business activities, including banking, insurance, investment services,
funds, stockbroking, etc."
Given the scenario, the banks have assured their shareholders that the
banking sector is well positioned to meet the opportunities and challenges
of possible EU membership if that were to be the decision of the voters.