BOV creates the platform for family businesses to discuss succession planning

Bank of Valletta will be hosting an event for family businesses. The main theme which will be addressed during this forum is succession planning. Hosted at the Malta Maritime Museum, Vittoriosa Waterfront, this event is being organised on Thursday 22nd February.

Speaking about the initiative, Albert Frendo, Chief Credit Business Development Officer explained that, “Family businesses are key to the country’s economic growth due to their innate characteristics of resilience and long term planning arising from their need to survive and expand to cater for future generations. This segment is well represented in our customer base.”

In light of this, the bank is investing in deepening its working relationship with family businesses and the different stakeholders whilst seeking to better understand their dynamics and needs. “One of the major challenges that family businesses face is planning for succession. Family and business interests may not always be in synch especially visa-vis succession. If not properly managed, it could lead to the fragmentation and even the demise of the business itself. A successful entrepreneur is distinguished from one’s ability to plan ahead and ensure the proper governance, culture and vision that goes beyond the individual person to ensure that the continuity process is embedded in the organisation itself,” Albert Frendo concluded.

Speakers lined up for this event include Dr Nadine Lia who is the Regulator for Family Businesses in Malta. Dr Lia is responsible for developing and introducing policy and legislation specifically for family businesses, a first both for Malta and on the international scene. During her presentation, she will be giving an overview of the regulatory framework and highlight a number of incentives.

Mario Vella will be sharing his experience both as a banker and as a consultant with KPMG about the concerns of family businesses and how these may be addressed, both by financial providers and by the family businesses themselves.

Another interesting topic lined up for discussion is taxation and how one can plan for it as part of succession planning. This presentation will be addressed by Mr Anthony Pace, Tax Partner at KPMG.

Limited places are available to the event, which is being accredited by the Malta Institute of Accountants as per the Accountancy Board Accreditation Rules. Registration is confirmed on a firstcome-first-served basis. For confirmation of attendance, one may send an email to registerbov@bov.com. Further information regarding the agenda as well as registration can be found on www.bov.com