BoV confirmed for Bank of the Year in Malta 2002 Award

The Banker, the monthly banking title of the Financial Times Group has again this year awarded Bank of Valletta the Bank of the Year in Malta 2002 Award. This is the second consecutive year that BoV is being awarded the prestigious award by The Banker.

The achievement is even more rewarding when considering the tough market conditions in which BoV had to operate throughout the past 12 months. Other prestigious banking names that have won awards by The Banker include Deutsche Bank, JP Morgan, BNP Paribas and the Royal Bank of Scotland.

Commenting on the award, BoV Chairman, Joseph F. X. Zahra said "BoV's focus remains that of enhancing shareholder value. The underlying strategies being implemented by BoV adopt CRM methodologies, relating to the efficient segmentation and management of the customer base. Strategic implementation has been strengthened through the introduction of the Balanced Scorecard. Furthermore, centralisation and cost management are leading to improvements in process efficiency."

The prestigious award was granted to Bank of Valletta in view of the Bank’s efforts, amongst others, to bring forward a number of technological developments that provided BoV with a significant market advantage namely the re-engineering of credit operations involving various sub-systems such as personal lending, credit strategy management, credit scoring, arrears monitoring, and collateral processing and sanctioning (CPS).

Other achievements and initiatives included a group structure review that re-integrated three subsidiary companies within the parent company; increased efficiency through a sound centralisation process; success within the Investment Banking sector and in the private banking segment through the offer of wealth management, tax planning and financial advice services; and developments in credit management and credit risk monitoring thus minimising risk.

The award for BoV was announced during an awards ceremony held at the Dorchester Hotel, London. The Banker Awards is an annual event that looks at a bank's growth and performance over the year in terms of their capital, assets and return on equity. They must also demonstrate how use of technology is helping them advance their market position and show how their banking structure and strategy will equip them for future developments in their market - a particularly tough task in light of the current market conditions.