HSBC, BoV refute Sant’s warning

Both HSBC and Bank of Valletta yesterday refuted Opposition leader Alfred Sant’s listing of the banks among companies he believes would suffer from an EU membership for Malta.
In a joint statement released yesterday the banks explained, "The Maltese commercial banks are already operating in an international environment, given that local financial services legislation is largely aligned with the EU acquis and other international regulations and standards.
"The Maltese financial services sector is generally already operating in a liberalised and highly competitive environment comprising a mix of local and international financial institutions in different lines of business activities, including banking, insurance, investment services, funds, stockbroking, etc."
Given the scenario, the banks have assured their shareholders that the banking sector is well positioned to meet the opportunities and challenges of possible EU membership if that were to be the decision of the voters.