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Karl Stagno-Navarra
Volksbank Malta Limited Group are set to announce a record year in total assets and profits for 2006, while expressing optimism for another bumper year in 2007.
During an Annual General Meeting scheduled for today, Volksbank Malta Limited Managing Director Herbert Skok is to announce almost EUR1 billion in total assets and a 33 per cent growth in profits registered for 2006.
“We are very satisfied with these results and are already working towards achieving even better results for 2007,” said Herbert Skok who added that the banks’ performance has improved year after year since it was granted a full banking license in 2002.
Volksbank Malta Limited is well geared for Malta’s formal Euro adoption as it is the only bank in Malta with direct experience in the currency through it’s Austrian principals who as an EU member state had actively participated in the Euro change-over in Austria, and recently in Slovenia where Volksbank is a well established bank with many branches.
“Our experience with the Euro puts us at an advantage with regards to our main competitors in Malta,” he explained, adding that all local business is guaranteed a maximum 24 hour transaction time for overseas payments to sister banks in Central and Eastern Europe.
Volksbank Malta is the only bank in Malta that accepts Euro coins as a normal part of its business, a service that puts it at an advantage to its competitors locally who so far do not accept them.
Visibly satisfied with his 30-strong staff, Herbert Skok explained to Business Today how the bank has improved its portfolio and is attracting more local business.
“Today we are servicing the business community with a vast range of products, including facilities that finance overseas projects that are happening in the Czech Republic, Romania, Slovacchia and in Hungary, all countries where Volksbank has a strong presence,” he said.
Volksbank Malta is in fact servicing local businessmen who take out loans for projects in Eastern Europe and liase with their sister banks in the respective counties to assist the Maltese client.
Internet banking is shortly to be announced by Volksbank, while a number of new products are scheduled to be launched in the coming months.
Herbert Skok defines Malta as an excellent location for business and expresses his satisfaction at the state of the economy, that is generating business and opportunities.
He laments however that Malta and the business community should further exploit its potential as a regional hub in the Mediterranean to place itself as the best business partner in the North African market.
With Victor Rizzo recently appointed as General Manager, and Joseph Zammit promoted to senior manager for sales, Volksbank Malta is showing its determination to be inclusive with its Maltese staff, offering opportunities for development and advancement. |
