Bank of Valletta
Bank of Valletta’s objective of maximising shareholder value has been achieved through a two-pronged strategic approach, focusing on income and cost efficiency. The group also focused on selling mortgages, while developing a range of investment products, including new collective investment schemes and life assurance products.
BOV also launched an e-brokerage functionality through its 24x7 channels, the first service of its kind in Malta. “Over the past year, Bank of Valletta has articulated its brand promise as part of an enterprise-wide process directed at strengthening the BOV brand,” says CEO Tonio Depasquale. “The brand promise, with support and mutuality being its underlying principles, forms the basis of an integrated change plan that is being implemented over a three-year timeframe. This process will continue to synchronise the bank’s operations, reinforcing its core relationship based strategy.
“Concurrently, we are continuing to upgrade our customer offering, both through traditional as well as new alternative delivery channels using latest technology. The development of a cost efficiency culture is also reaping results. All initiatives are implemented with a view to providing optimum return on investment. The bank enjoys a cost-to-income ratio of 47.4 %, ranking among the best organisations when benchmarked against European counterparts.”
