15 December 2004

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Bank of Valletta launches Eur six -year Euribor linked Callable Deposit

Bank of Valletta’s Private Banking Division has just launched a Euro 6-year Euribor linked Callable Deposit for its Maltese and international clients. Following the success of a similar product denominated in United States Dollars which was issued recently the Bank decided to launch a Euro denominated product to meet the increasing demand for specialised capital guaranteed products from its private clients. The minimum deposit to open this account is Eur10,000.
Speaking about the features of the Callable Deposit, Victor Zammit, responsible for the Private Banking Investments Unit, mentioned these include;
• capital guaranteed if held until maturity or in case of earlier call by the Bank
• six-monthly interest payments
• high interest payment of 6.5 per cent on the first year and annual 0.50 per cent step-up in interest calculation
• potentially attractive interest payments in a scenario where 6 months EURIBOR remains at current levels or increases gradually
The offer is available for a limited period only and the Bank reserves the right to close or extend the offer according to market conditions
Peter Perotti who heads the Bank of Valletta Private Banking Division in Zachary Street said that this product falls in line with the Bank’s strategy of offering a selection of alternative investments to its private clients in a scenario where interest rates are low and performance of international markets remains uncertain:
“The Private Banking Division issues various equity or interest rate linked capital guaranteed products on a regular basis to its Maltese and foreign clients as an alternative to traditional deposits. These structured products are also made available to all Bank of Valletta clients through the retail network. Moreover, the Division’s authorised advisors offer private clients a series of specialised products, similar to the 6-year linked Callable Deposit, as part of their investment portfolio. The Investments Unit within the Private Banking Division is also in a position to design sophisticated structured products for those individual investors or for a small group of investors willing to subscribe to a sizeable amount.”

Copyright © Newsworks Ltd. Malta.
Editor: Saviour Balzan
The Malta Financial & Business Times, Newsworks Ltd, Vjal ir-Rihan, San Gwann
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