BOV outlines eight strategic focal
points for 2003/04
Over the next fiscal year Bank of Valletta will be aiming
to maximise shareholder value through an improvement in Group profitability
and turn the bank into a marketing-driven organisation and enhance cost-efficiency.
Bank of Valletta Group Chairman Joseph F.X. Zahra cited these elements
as the main factors that will drive BOVs strategy over the coming
months during a full day strategy forum for the Groups top management
Mr Zahra stated that BOV would be focusing on eight major strategic
points throughout the forthcoming financial year. Amongst these are
the added focus on the BOV Brand promise, quality cross-selling and
constant product review and development that will consolidate BOVs
marketing strategy. Following the previous years emphasis on credit
and on market risk, the Group will give added focus on Operational Risk
through a holistic view of the various exposures.
The new operations center currently under construction in St Venera
will host the first operations in December 2004 and be fully operational
by July 2005. BOVs multi-channel strategy, with its recently updated
and highly successful 24x7 package will be further enhanced with more
updates and the launching of new alternative delivery channels. BOV
will also dedicate more focused attention to SMEs, given the importance,
funding and co-financing opportunities the EU is giving to these enterprises.
The BOV Chairman reiterated that the financial year just ended had been
a positive one. A new strategic partner for VFM heralded positive results
in Fund Management and BOV was short listed by the Institute of Financial
Services (UK) as having one of the most innovative Customer Relationship
Management (CRM) strategies in the world. BOV continued to gear up for
Maltas forthcoming accession into the European Union by creating
an EU steering committee.
z"A well planned and coherent strategy for the Group enabled the
rate of growth on non-interest cost to be the lowest in 11 years,"