2017 – A year of chal­lenges and suc­cess

● Bank of Val­letta’s 44th An­nual Gen­eral Meet­ing

The Malta Independent on Sunday - - BUSINESS & FINANCE -

Bank of Val­letta chair­man Deo Scerri (pic­ture) and CEO Mario Mal­lia ad­dressed share­hold­ers dur­ing the 44th AGM held last Thurs­day.

Scerri re­ferred to the Group’s record profit of €174.7 mil­lion for 2017, at­tribut­ing this re­sult to the suc­cess­ful im­ple­men­ta­tion of BOV Group’s strat­egy. “Fi­nan­cial year 2017 was a pe­riod of chal­lenges and suc­cess for the Group,” the chair­man de­clared, cit­ing the bank’s Re­turn on Eq­uity of 16.5 per cent, which is well above the EU av­er­age. Mr Scerri also re­ferred to an­other key pil­lar of the Group strat­egy, namely the level of cap­i­tal­i­sa­tion, which is now re­flected in a healthy CET 1 Ra­tio of 16.1 per cent, fol­low­ing the re­cent Rights Is­sue.

Look­ing ahead Scerri said that the bank’s cap­i­tal base will en­able it to con­tinue with its plans to grow sus­tain­ably by in­vest­ing in four key ar­eas, namely IT, Hu­man Re­sources, Dig­i­tal­i­sa­tion and Multi-Chan­nel Bank­ing. Scerri con­cluded by re­it­er­at­ing the Board’s com­mit­ment to the long-term sus­tain­abil­ity of the bank while con­tin­u­ing to sup­port the lo­cal econ­omy.

CEO Mario Mal­lia out­lined the fi­nan­cial per­for­mance for 2017. He then re­ferred to the Group’s Vi­sion 2020 strat­egy, ex­plain­ing the four pil­lars of long term sus­tain­abil­ity, good gov­er­nance, the re­vi­sion of the busi­ness model and re­sourc­ing. “A cor­ner­stone of Vi­sion 2020 is the im­ple­men­ta­tion of the bank’s Core Bank­ing Trans­for­ma­tion pro­gramme that will see it not only re­plac­ing its core bank­ing sys­tem, but also over­haul­ing its pro­cesses with a view to be­com­ing more ef­fi­cient and seam­less across dif­fer­ent chan­nels. This vi­sion will en­able the bank to dig­i­talise it­self, whilst en­sur­ing that the cus­tomer re­mains at the core of its strat­egy.”

Five res­o­lu­tions were put to the meet­ing. The or­di­nary res­o­lu­tions in­cluded ap­proval of the Profit and Loss Ac­count and Bal­ance Sheet for the year ended 31 De­cem­ber 2017, ap­proval of the fi­nal gross div­i­dend and the reap­point­ment of the bank’s au­di­tors.

Ap­proval was ob­tained for the rat­i­fi­ca­tion of the amend­ment in the bank’s Mem­o­ran­dum of As­so­ci­a­tion re­gard­ing the change in the Is­sued Share Cap­i­tal, which fol­low­ing the Rights Is­sue, stands at €525 mil­lion.

The share­hold­ers also ap­proved changes to the bank’s Mem­o­ran­dum of As­so­ci­a­tion to al­low large share­hold­ers hold­ing more than five per cent of the bank’s is­sued share cap­i­tal to dis­pose of their share­hold­ing to a broader sec­tor of the mar­ket.

No elec­tion of Di­rec­tors was held dur­ing the an­nual gen­eral meet­ing. The bank’s Board of Di­rec­tors, fol­low­ing the AGM, is com­posed of the fol­low­ing di­rec­tors: Tad­deo Scerri (Chair­man), Stephen Agius, Alan At­tard, Paul V Az­zopardi, Miguel Borg (CRO), James Grech, Al­fred Lupi, Mario Mal­lia (CEO), Anita Man­gion, An­to­nio Pi­ras and Joseph M. Zrinzo

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