Last Updated 28 | 03 | 2014 at 18:00

Business & Technology

Bank of Valletta inaugurates the House of the Four Winds

Article By: news

Bank of Valletta’s new offices at the House of the Four Winds were inaugurated by the Prime Minister Dr Joseph Muscat.

The Prime Minister was welcomed to the House of the Four Winds in Valletta by BOV Chairman John Cassar White where he was given a tour of the premises. These offices will serve as the meeting place for the Board of Directors and will also house the Office of the Chairman and that of the Company Secretary.

The new offices replace old premises built during the time of the British rule and that served as government offices for a number of years. The new building was built in a way that respects the historical character of the bastions. The project also included a regeneration of the area surrounding the building which included the restoration of the column dedicated to former governor Frederick Cavendish Ponsomby.

‘Bank of Valletta faces important challenges in the coming years as it strives to offer a quality service to its customers’ said Mr Cassar White. ‘The European Central Bank’s Asset Quality Review currently underway will determine the quality of the Bank’s lending in the past several years. This will be followed by a stress test later on in the year as a result of the new Banking Union agreement.

A second challenge for the Bank is the investment needed to upgrade its IT infrastructure. ‘Investment in modern information technology is a strategic issue for most banks and BOV needs to underpin its business strategy with effective investment in IT systems and people’ commented Mr Cassar White’.

BOV also intends to invest more in its management structure to ensure that its customers are served well at all times. ‘The Bank’s employees are increasingly aware that their career prospects improve when they commit themselves to learning new skills through continuous training’ added Mr Cassar White.

The BOV Chairman commented on the bright prospects of the Maltese economy and highlighted the importance of the new energy strategy that will ensure new investment in the country’s infrastructure while guaranteeing a reliable and affordable electricity supply to Maltese businesses.

'This event apart from being the inauguration of a new building in Valletta, is also a celebration of the continuous growth of the Maltese Economy', said Prime Minister  Joseph Muscat. 'We are very pleased to witness an economic growth of 2.4%, which is more than double the growth of 1.1% projected by the International Monetary Fund'.
'Our country is now in a position to choose projects that add value to the country's economy, and we are also working hard towards the internationalisation of our economy, through an influx of foreign investment', continued the Prime Minister. 'This is undoubtedly supported by the Individual Investor Programme that is attracting foreign investment and will in turn create more jobs in our country'
Prime Minister Joseph Muscat proceeded in unveiling a plaque commemorating the inauguration of 'The House of the Four Winds'

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