Maltacom "a big challenge"- Joseph F.X. Zahra

Speaking in today’s interview, Bank of Valletta chairman Joseph F.X. Zahra describes his recent appointment as Maltacom chairman as "another big challenge", considering the national telecoms carrier’s highly dynamic operating environment, this year’s market deregulation and the ensuing increased sectoral competition.
"The first test," Zahra explains, "for what has been considered a monopoly over the years will be its [Maltacom’s] ability to compete with important international and with smaller carriers that are operating within the local telecommunications market."
Zahra also stresses that the parastatal telecoms carrier must give due consideration to its social obligations, today’s more discerning consumer - now that Maltacom is positioning itself as a commercial player as it emerges from its monopolistic past – and the sector’s rapid rate of technological development.
Zahra explains, "These considerations mean we have to look at Maltacom’s strategy and continuously test and review it, particularly so in an industry as fast moving as telecommunications.
"This train of thought implies that the first initial exercise will be to take stock of the situation and to establish a stronger strategic orientation for the organisation within this changing environment."
A large plus to Maltacom’s potential lies in the experience and commitment of its staff, for which Zahra had words of praise, "One extremely worthy aspect of Maltacom is the professionalism of its management. We are dealing with people in Maltacom who are not only competent and experienced, but who also have a lot of enthusiasm and a strong sense of determination and commitment with which to face these challenges.
"As at the Bank, the Chairman and the Board of Directors wouldn’t be able to operate unless this professionalism and commitment exists at an executive level. Notwithstanding the challenges of the sector, I am very optimistic in facing these challenges because of the strong capabilities of Maltacom’s fundamentals."
Zahra, who will remain on as Bank of Valletta chairman at least until the bank’s annual general meeting in December, also speaks about the pensions dilemma, the state of the economy, BoV’s recent successes in its drives for internationalisation, diversification and credit management and the country’s potential as a financial services centre.