27 September - 3 October 2001

Bank of Valletta plc and Bank of Valletta International Limited merge

Bank of Valletta International Limited (BOVI) merged with its parent company Bank of Valletta plc (BOV) on 22 September 2001. BOVI was the offshore banking subsidiary of BOV and the merger anticipated the expiry of the 10-year offshore banking licence which was granted to BOVI in terms of the Malta Financial Services Centre Act.
Now a division of BOV, BOVI will operate through the existing premises in Zachary Street and South Street Valletta, and the brand name BOVI will be retained.
The core business of BOVI will continue to be that of providing services to its non-resident customer base. Moreover, the BOV International Business Centre, which provides specialised services to International Trading and International Holding Companies, presently housed at St John’s Square, will form part of BOVI’s operations with the physical transfer to Zachary Street programmed for mid-October.
As part of BOV, BOVI may now operate with Maltese residents and it is expected that shortly the Private Banking Services offered to non-resident customers over these past 10 years will be extended to selected local clients.