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Bank of Valletta signs Euro 100 million syndicated loan
Bank of Valletta yesterday signed a Euro100m syndicated term
loan. Bank of Valletta chairman Joseph F.X. Zahra said that
when the bank had decided to raise a new syndicated loan, it
planned to target the amount of Euro75m.
“In my view, the market’s overwhelming reception,
with participations well in excess of that figure, reflects
largely the good standing of the Bank of Valletta’s name,
and equally on the standing of our regulators, the Central Bank
of Malta, and ultimately on our country’s standing in the
market” BOV’s chairman said.
Mr Zahra said that this new syndicated loan is an important
step in the Bank’s continuing corporate development and
the Bank values the relationships created in this process very
highly. He explained how Bank of Valletta is facing some interesting
challenges in the coming years, not least of which the entry
of Malta into the European Union.
Mr Zahra said that Bank of Valletta has successfully restructured
its operations and has positioned itself to take advantage of
the opportunities the future will present. Among the initiatives
undertaken, he highlighted the introduction of a sales culture
as the basis of staff-motivation complemented by the introduction
of a performance-related pay system.
Mr Zahra said that new delivery channels are being exploited
and this is expected to revolutionise the way the Bank does
business with its customers. Bank of Valletta has also been
a key player in the development of the local capital market
through a number of IPOs and other offerings concluded successfully
and the Bank has been very prominent in the Malta Government
privatisation process, including the proposed privatisation
of the Malta International Airport.
The signing of the Euro100m term loan was held during a
ceremony at the San Gorg Corinthia Hotel. Among the distinguished
guests present at a luncheon following the signing ceremony
were the Minister of Finance, John Dalli, the Governor of the
Central Bank, Michael C. Bonello, the chairman of the Malta
Financial Services Centre, Prof. J. Bannister and representatives
of the foreign banks forming part of the syndicate.
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