3 - 9 February 2000

BoV confirms plans to open Libya office

by Franco Aloisio

The chairman of Bank of Valletta, Joseph FX Zahra, yesterday said the bank will in the coming months be increasing its international efforts by penetrating the northern African market and setting up an office in Tunisia. Mr Zahra added that the bank is also very close to clinching a deal to open an office in Libya.

Mr Zahra was speaking to The Malta Business Weekly following the opening of the new premises for BoV's International Business Centre in Valletta.

The BoV office in the Tunisia capital and business centre, Tunis, is expected to open in the coming months as the Tunisian authorities issue the necessary permits. In fact, the preparations for the opening of the Tunis office are at an advanced stage and the premises have already been identified.

With regards to the Libya office, BoV has already been in contact with the country's authorities to set up the offices. Mr Zahra said that the bank will soon be in a position to officially announce the opening of these premises in Libya.

Last month MIMCOL chief executive Ivan Falzon had said that Malta will be setting up a trade centre in Libya in the near future, which will be housing the offices of the major Maltese banks, including HSBC, private firms and State-owned entities and companies which do business with Libya such as Malta Drydocks, Sea Malta and METCO.

While addressing those present during the opening of the new BoV International Business Centre, Mr Zahra said the bank has already established offices in Italy, Australia and Canada. He said the Libyan and Tunisian offices will enable the bank to act as a facilitator for Maltese and North African businesses interested in tapping exciting opportunities in the Mediterranean region.

He said the new International Business Centre in Valletta will specialise in providing for the needs of international trading and holding companies, as well as providing the full range of services available from all other branches.

Economic Services Minister Josef Bonnici said that the new International Business Centre is another concrete example of the willingness and ability of the BoV to recognise investment opportunities.

Prof. Bonnici said that it is imperative that Malta's financial services legislation is constantly reviewed and fine tuned in anticipation of changes in the legislation in competing countries and in harmony with EU directives