DOCSLIB.ORG

To View BOV's Case Study Published by Canon

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
To View BOV's Case Study Published by Canon Document Capture, Document Management: Bank of Valletta Banking services case study MAJOR BANK IN MALTA USES Company Name: Bank of Valletta THEREFORE AND SCAN2X TO CREATE Founded: 1974 Location: 50 Branches and agencies in A DOCUMENT MANAGEMENT Malta and Gozo Services: Banking and investment SOLUTION WHICH IMPROVES services DATA SECURITY AND EFFICIENCY THROUGHOUT THE ORGANISATION Bank of Valletta is Malta’s largest bank in terms of project to integrate document and information market share, with around 2,000 employees. It offers management technology in every aspect of business a full range of financial services, including private to improve on their customer service, internal audit banking, investment banking, fund management, and compliance readiness, data protection and bank insurance, as well as brokerage services. It has security. a network of branches, a corporate centre, multiple business centres and a wealth management arm. It is one of Malta’s largest employers, committed to Problem #1 offer excellent customer service, efficient operations Bank of Valletta needed a solution to ensure better and a high level of security. disaster recovery capabilities within their Collateral Bank of Valletta has embarked upon a bank-wide Management Unit (CMU). This requirement was See the bigger picture With a scanning solution and a document management system For its first project in Bank of Valleta, Avantech this issue would have been implemented six Canon imageFORMULA resolved, but Avantech proposed DR-G1100 document scanners and the that they better utilise their investment in time, software and Business Edition of Therefore with twenty-five hardware. Linking the document concurrent user licenses. management system to their banking system would allow employees in branch offices to have instant access to collateral documents. The document related to very valuable collateral documents that the bank holds for system could retrieve more each customer loan. All this documentation was held in an armoured data about the customer in the document store, and in this room they have an automated filing system banking system and store it with to process all the paper. Should these documents be misplaced, each scanned document. damaged or otherwise lost, the bank would have a major disaster to deal with. A lesser concern was that all this documentation was stored “At the demonstration we saw in a single place, while the bank has sixty branches across the country. that this is the answer to a lot Accessing these documents, mostly when dealing with clients was of our requirements. There was complicated and potentially insecure. While the banking system, based also some added value, like on Oracle software, is very modern and up-to-date, this department the integration with external had no digital asset management at all. databases and the possibility of integration with other systems,” Solution #1 commented Marco Scicluna, Executive Head of IT Systems, For this first project, the bank issued a tender and among other Bank of Valletta. competitors, Canon Certified Partner Avantech proposed a solution consisting of Canon’s document scanners and Therefore document “This was the starting point for management system. Avantech successfully convinced the developing software and web- management of Bank of Valletta that Therefore was the best solution based services to help them by performing a live demonstration of its capabilities. integrate their back-end banking system with the document Because security is a major issue, it was very important that Therefore management system. Therefore’s is completely integrated with Active Directory and can ensure customisation options are vast document security. The system allows access only to people that have and allowed us to demonstrate the necessary security clearance and also offers advanced disaster multiple different options. recovery management and business continuity features. Combined We were able to show them a with Therefore’s flexible integration abilities and powerful management concept for document storage, of client interactions with documents, these were key advantages that indexing and retrieval, integrated tipped the scales in favour of Avantech’s proposition. with their banking system and interfacing with their external “The Collateral Management Unit in Bank of Valletta handles all the databases,” added Camilleri. legal and contractual documentation of the bank. The management wanted to ensure that this documentation was completely secure, and “The installation was very that is why we began the deployment in this department,” said Nick smooth. Users began using the Camilleri, Managing Director, Avantech. system within a couple of days after installation. The fact that This is considered as the smallest Avantech project in Bank of we have a solution that comes Valletta in terms of volume, but a big success in terms of business from Canon and Therefore and is continuity and disaster recovery. Avantech implemented six Canon designed by one company, made imageFORMULA DR-G1100 document scanners and the Business things easier for us, because we Edition of Therefore with twenty-five concurrent user licenses. The have one point of contact. The deployment was concluded in March 2011. project was such a success that At first, the bank’s only requirement was to provide security for these we have decided to implement paper documents. it across the entire bank,” commented Scicluna. scanning profiles centrally and “Therefore gave us the advantage of automatically push them to all of introducing an electronic filing system that their branches. proved extremely useful in terms of reducing This simple process of creating storage space and improving our efficiency and maintaining customised by allowing our users to take full advantage scanning profiles makes the process more efficient with full of access to the system from their own traceability and accountability. computers. And this also helped the bank With Scan2x installed at all in its aim of becoming an environmentally of the bank’s offices, the employees simply have to walk friendly bank by reducing the waste of up to the scanner, choose the paper,” explained Edward Grech, Head of job profile, scan and walk away. All the archiving, categorisation Home Loans, Bank of Valletta. and even workflow are done automatically by Scan2x. This procedure improved efficiency, restricted human error and made scanning and archiving a hassle- free one-touch procedure. Problem #2 Having a substantial number of branches and employees, Bank of Benefits Valletta needed to find a way to standardise their way of onboarding documents of all types. The system had to be able to deal with bank With Avantech’s Canon solution forms, identity documents and pre-printed stationery and it had to be Bank of Valletta achieved several centrally managed. Bank of Valletta needed to implement a solution major benefits: efficiency, that would minimise human error, simplify the scanning and archiving automation and elimination process and increase the efficiency of its’ employees and the services of human errors; business to its clients. continuity; and disaster recovery. This is all related to a significant reduction of costs and has had a Solution #2 direct impact on their business, with clients being served more Avantech proposed that Bank of Valletta use Scan2x, the intelligent quickly and more efficiently document capture system, as it’s document capture solution. Scan2x without delays. Branches have helped Bank of Valletta by allowing the bank to create standardised also freed up storage space, which enabled them to dedicate more space to their clients. In recent years the Therefore The Therefore DMS, in combination with Avantech as our solution installation has doubled in partner has brought efficiency, unparalleled integration and size with many more business process automation to our bank-wide digitisation requirements. processes being integrated. The By combining the simplicity of capture with Scan2x and the integration of Scan2x with the automation of Therefore integration with our line-of-business Therefore system has allowed systems, Avantech have proved themselves to be our valued the Bank to provide its users digitisation partner. with instant feedback together with secure audit trails of when documents were captured. Avantech Scan2X Today’s fast moving business environment demands quick, accurate “In addition to the standard reactions to events as they happen. Many of these events require disaster recovery and archiving paper documents – for example, a sale will trigger an invoice. Now, that the bank originally achieved, imagine a scenario in which this invoice, signed by the client, is they have also managed to share automatically recognised by your scanner – your invoice processing all their documents across the workflow is triggered with no further intervention. Your scanner entire bank wide area network. should also be aware of who is scanning documents to keep an They have managed to use audit of activity. Your users should be presented with the same full text indexing to their full simple interface regardless of what scanner model they are using, advantage, and they’ve also and the scanner should be able to alert users immediately if data on managed to ensure that all their the document being scanned isn’t valid. documents are available to those The Avantech Scan2X does all of this and more using Canon’s with the necessary permissions award-winning range of document
Load more

Recommended publications
  • Under the Microscope 2018
    Under the Microscope A Review of the Maltese Banking Sector for Financial Year 2017/2018 December 2018 kpmg.com.mt Welcome to the fourth edition of Under the Microscope. Under the Microscope remains a one of a kind publication, dedicated towards providing an analysis of the performance of local banks over the last financial period together with a range of insightful articles developed in-house by local KPMG thought leaders. In fact, in this year’s publication one will find an array of thought leadership pieces, aimed at stimulating one’s mind with a view to generating an element of thought and consideration to an ever evolving financial services industry which is now, more than ever, driven by regulatory and technological innovation. FinTech and Regtech today are still in their infancy, despite these buzzwords thrown left, right and centre. In this publication we really seek to explore how the financial services industry has shifted, and how we can expect to be able to change in line with the new landscape we are all currently living. Across the publication, readers will also find a number of QR codes which will provide the user with a visual explanation and representation of the content of the respective article, provided directly by the thought leaders themselves. We encourage readers to make use of this functionality. We trust you find this edition as interesting and of value to read as it was for us to prepare. Sincerely, Mark, Tonio and Noel Noel Mizzi Tonio Zarb Mark Curmi Partner Senior Partner Director Audit Services KPMG in Malta
    [Show full text]
  • PRESS RELEASE Basic Payment Account – Your Right to Basic
    PRESS RELEASE Basic Payment Account – Your right to Basic Banking Services Citizens legally residing in Malta have the right to open a basic payment account, for personal use, in a number of Maltese banks. Banking services are today considered as essential and consumers depend upon access to modern payment services. The right to open a basic payment account seeks to eliminate financial exclusion being experienced at EU level. In line with the Payment Accounts Regulations, enacted through Legal Notice 411 of 2016, the Malta Financial Services Authority (MFSA) is ensuring that this right is enjoyed by all persons legally resident in Malta or another EU Member State and is striving to achieve this objective two-fold: it is communicating directly with the banks to ensure that citizens’ rights are respected when it comes to payment accounts with basic features. Concurrently, in line with its obligations to raise awareness among the public about the availability of payment accounts with basic features, the MFSA has launched an educational campaign on the features of this account. Dr Michelle Mizzi Buontempo, Head of the Conduct Supervisory Unit remarked that “the MFSA is committed towards taking the necessary steps to ensure that the legitimate expectations of customers making use of banking services are promoted and protected. The Authority’s efforts are intended to safeguard the right to access basic banking services thus ensuring that Malta’s growth in this sector is truly enjoyed by all sectors of the population”. A payment account with basic features allows consumers to: • deposit funds • withdraw cash at the counters of the bank or at ATMs in Malta, Gozo and other EU Member States • pay by direct debits within the European Union • effect payments with a debit card, including online payments • receive and order credit transfers • set-up standing orders Persons with no fixed address, refugees, stateless persons and asylum seekers can also apply for a payment account with basic features.
    [Show full text]
  • Malta's EU Story
    MALTA’S EU STORY HOW TEN YEARS OF EU MEMBERSHIP HAVE CHANGED THE COUNTRY MALTA’S EU STORY HOW TEN YEARS OF EU MEMBERSHIP HAVE CHANGED THE COUNTRY A Discussion Paper June 2014 Lead Author - Patrick Tabone Research - Veronica Nardelli MALTA’S EU STORY: HOW TEN YEARS OF EU MEMBERSHIP HAVE CHANGED THE COUNTRY A Discussion Paper Published by The Today Public Policy Institute Lead Author: Patrick Tabone Presented to the Prime Minister, June 2014 The Today Public Policy Institute is an autonomous, not-for-profit, non-governmental organisation. Its mission is to promote wide understanding of strategic issues of national importance and to help in the development and implementation of sound public policies. In pursuit of this mission, it sponsors or initiates research on specific national problems, encourages solutions to those problems and facilitates public debate on them. It is not affiliated to any political party or movement. Its Board is made up of the following individuals: Martin Scicluna (Director General), Michael Bonello, Sina Bugeja, Stephen Calleya, Juanito Camilleri, Petra Caruana Dingli, John Cassar White, George Debono, Mark Anthony Falzon, Michael Frendo, Martin Galea, Joseph Sammut, Joseph V. Tabone, Clare Vassallo, John Vassallo and Joseph F.X. Zahra. Board members participate in The Today Public Policy Institute on a voluntary basis and in their personal capacity. Their association with the Institute and with the specific reports produced for the Institute by Lead Authors in the think-tank is without prejudice to the policies and positions of their respective institutions or organisations, nor does it necessarily imply the endorsement by each Board member of the conclusions and recommendations presented in such reports.
    [Show full text]
  • BOV/175 COMPANY ANNOUNCEMENT the Following Is
    Bank of Valletta p.l.c. OFFICE OF THE COMPANY SECRETARY 58, Zachary Street, Valletta VLT 1130 - Malta Telephone: (356) 2275 3032, 2275 3231 Fax: (356) 2275 3711 BOV/175 COMPANY ANNOUNCEMENT The following is a company announcement issued by Bank of Valletta p.l.c. pursuant to Malta Financial Services Authority Listing Rules Chapters 8 and 9: Quote The Board of Directors of Bank of Valletta p.l.c. (the Bank) has today, the 30th October 2009, approved the audited financial statements for the financial year ended 30th September 2009. The Board resolved that these audited financial statements be submitted for the approval of the shareholders at the forthcoming Annual General Meeting which is scheduled for Wednesday 16th December 2009. A preliminary statement of annual results is being attached herewith in terms of the Listing Rules. The Board of Directors further resolved to recommend for the approval of the Annual General Meeting: 1. The payment of a final Gross Dividend of €0.215 per share making for a final Net Dividend of €0.13975 per share which, if approved by the Annual General Meeting, would make for a total gross dividend for the year of €0.250 per share (total net dividend per share €0.1625). 2. A bonus share issue of one share for every four shares held which will be allotted to shareholders on the Bank’s share register as at close of business on 15th January 20101. The bonus issue will be funded by a capitalisation of reserves amounting to €40 million. Application will be made for the necessary authorisations concerning the listing of the bonus share issue on the Malta Stock Exchange.
    [Show full text]
  • Bank of Valletta Suspends Services After Hackers Falsify Transactions to Steal EUR 13 Million
    ORX News reference: 8312 ORX Standard: Banking Bank of Valletta EUR Not Identifiable Loss | Euro USD Not Identifiable Loss | US Dollar EUR Not Identifiable Loss | Euro BL0301 - Retail Banking EL0201 - External Theft & Fraud MT - Malta Western Europe Loss Event Published in media 13 February 2019 Bank of Valletta suspends services after hackers falsify transactions to steal EUR 13 million On 13 February 2019, Bank of Valletta announced on its website that it had suffered a cyberattack involving the fraudulent transfer of EUR 13 million, and had temporarily suspended its operations, including branches. Services resumed during the night of 13 February 2019, and the fraudulent transactions are in the process of being reversed as of 13 February 2019. According to prime minister of Malta, Joseph Muscat, at the start of business on 13 February 2019, Bank of Valletta noticed discrepancies in the reconciliation of 11 payments to the value of around EUR 13 million from its foreign payment accounts, MaltaToday reports. According to MaltaToday, Malta Security Services confirmed to the bank that it had been the victim of a cyberattack which had originated overseas. EUR 13 million in fake payments had been made to accounts in the UK, the US, the Czech Republic and Hong Kong. Muscat stated that Bank of Valletta immediately contacted its correspondent banks, advising them to block the transactions, and began the process to reverse the payments. Within 30 minutes of the confirmation, Bank of Valletta decided to shut down its systems, including ATMs, branch services, online banking, mobile banking and card services. Muscat told Parliament that although shutting down the bank that controls “half the economy” was a serious matter, the decision to do so was made because “caution trumped every other consideration”, MaltaToday reports.
    [Show full text]
  • Bank of Valletta P.L.C. Valletta of Bank 2013
    Annual Report & Financial Statements ReportAnnual & Financial Bank of Valletta p.l.c. Annual Report & Financial Statements 2013 2013 Bank of Valletta p.l.c. Annual Report Cover 2013.indd 1 17/10/2013 15:31 contents Board of Directors ii Chairman’s Statement iv Chief Executive Officer’s Review vi Chief Officers’ Strategic Priorities xiv Corporate Social Responsibility xvi financial statements Directors’ Report 1 Capital & Risk Management Report 5 Corporate Governance Statement of Compliance 27 Auditors’ Report on Corporate Governance 35 BOARD OF DIRECTORS Remuneration Report 36 Independent Auditors’ Report to the members of John Cassar White (Chairman) Bank of Valletta p.l.c. 39 Joseph Borg Statements of Profit or Loss 41 Roberto Cassata Statements of Comprehensive Income 42 Ann Fenech Statements of Financial Position 43 George Portanier Statements of Changes in Equity 44 Taddeo Scerri Paul Testaferrata Moroni Viani Statements of Cash Flows 46 George Wells Notes to the Financial Statements 47 Franco Xuereb The Group’s Five Year Summary 100 Group Financial Highlights in US Dollars 103 COMPANY SECRETARY Catherine Formosa EXECUTIVE COMMITTEE Charles Borg (Chief Executive Officer) Michael Borg Costanzi Joseph M Camilleri Bank of Valletta p.l.c. Romeo Cutajar Victor Denaro Head Office: BOV Centre Kenneth Farrugia Cannon Road Michael Galea Sta Venera, SVR 9030 Elvia George Malta Mario Mallia Peter Perotti Tel: (+356) 2275 3000 Anthony Scicluna Fax: (+356) 2275 3711 Website: http://www.bov.com Kenneth B Micallef (Secretary) E-mail: [email protected] AUDITORS Bank of Valletta p.l.c. Registered Office: Deloitte Audit Limited 58, Zachary Street Deloitte LLP (United Kingdom) Valletta VLT 1130, Malta Registration Number C 2833 LEGAL COUNSEL Bank of Valletta p.l.c.
    [Show full text]
  • Dishonoured Cheques Code of Conduct (Amending and Restating the Code of Conduct Signed on 29 November 2004)
    Dishonoured Cheques Code of Conduct (Amending and Restating the Code of Conduct signed on 29 November 2004) Introduction Good business relationships between the local commercial banks and the public in general is one of the key issues for the development of the local economy. There has to be mutual trust and confidence. This Code of Conduct has been voluntarily drawn up by the local commercial banks to outline minimum standards and principles of good banking practice when they deal with dishonoured cheques due to non-availability of funds. The general objective of this Code of Conduct is to encourage a greater understanding of the roles, rights and responsibilities of the local commercial banks, their customers and third parties for their mutual benefit. This Code of Conduct is supported by the local commercial banks listed in Appendix A and being voluntary, it does not preclude or prevent any of these banks from setting higher standards. The local banking sector continues to be committed to provide an efficient and effective service to the various strata of society. Customers, third parties and the public in general have access to this document. -2 - Voluntary Commitment We, the local commercial banks, have adopted this Code of Conduct in regard to dishonoured cheques. Being professional institutions, we felt the need to commit ourselves to act fairly and reasonably when dealing with dishonoured cheques. Furthermore, we are firmly committed to reducing the number of dishonoured cheques in Malta. Banks’ duty to customers We are authorized by our customers to honour cheques without inquiry and to pay all cheques drawn by our customers as long as: there are sufficient funds in their account to cover the cheques; there is a sanctioned facility in place to cover such payments; the cheques are properly drawn out and are technically correct; the customer has not countermanded payment; there is no legal impediment (e.g.
    [Show full text]
  • Bank of Valletta P.L.C
    Bank of Valletta p.l.c. Annual Report & Financial Statements 2017 WorldReginfo - 2e807235-3b28-4312-a40f-35f28f6ec38d WorldReginfo - 2e807235-3b28-4312-a40f-35f28f6ec38d Bank of Valletta p.l.c. Annual Report & Financial Statements 2017 i Contents and General Information CONTENTS Board of Directors and Group Company Secretary ii Chairman’s Statement iv Chief Executive Officer’s Review viii Corporate Social Responsibility xvi FINANCIAL STATEMENTS BOARD OF DIRECTORS Directors’ report 1 Taddeo Scerri (Chairman) Capital & risk management report 7 John Cassar White (up to 16 December 2016) Corporate governance statement of compliance 32 Stephen Agius Remuneration report 44 Alan Attard Nominations report 47 Paul V Azzopardi Independent auditors' report - corporate governance 48 Miguel Borg Statements of profit or loss 49 James Grech Statements of profit or loss and other Alfred Lupi comprehensive income 50 Mario Mallia Statements of financial position 51 Anita Mangion Statements of changes in equity 52 Antonio Piras Statements of cash flows 54 Joseph M Zrinzo Notes to the financial statements 55 Barbara Helga Ellul (up to 16 December 2016) Independent auditors’ report to the shareholders Mario Grima (up to 16 December 2016) of Bank of Valletta p.l.c. 127 Gabriele Simonetti (up to 16 December 2016) The group’s five year summary 133 Group financial highlights in US dollars 136 COMPANY SECRETARY Ruth Spiteri Longhurst MANAGEMENT BOARD Bank of Valletta p.l.c. BOV Centre Mario Mallia (Chief Executive Officer) Triq il-Kanun Ernest John Agius (Chief Operations Officer) Santa Venera SVR 9030 Joseph Agius (Chief Technology Officer) Malta Miguel Borg (Chief Risk Officer) Kenneth Farrugia (Chief Business Development Officer – Tel: (+356) 2275 3000 Investments) Fax: (+356) 2275 3711 Albert Frendo (Chief Business Development Officer – Credit) www.bov.com Elvia George (Chief Finance Officer) E-mail: [email protected] Rudolph Gatt (Secretary) Bank of Valletta p.l.c.
    [Show full text]
  • Into the Future: Socio-Economic Or Security Challenges for Malta
    INTO THE FUTURE: SOCIO-ECONOMIC OR SECURITY CHALLENGES FOR MALTA INTO THE FUTURE: SOCIO-ECONOMIC OR SECURITY CHALLENGES FOR MALTA Report Published by The Today Public Policy Institute Presented to the Prime Minister by The Today Public Policy Institute November 2011 The Today Public Policy Institute is an autonomous, not-for-profit, non-governmental organisation. Its mission is to promote wide understanding of strategic issues of national importance and to help in the development and implementation of sound public policies. In pursuit of this mission, it sponsors or initiates research on specific national problems, encourages solutions to those problems and facilitates public debate on them. It is not affiliated to any political party or movement. Its Board is made up of the following individuals: Martin Scicluna (Director General), Petra Bianchi, Michael Bonello, Sina Bugeja, Stephen Calleya, Juanito Camilleri, John Cassar White, George Debono, Marlene Mizzi, Joseph Sammut, Father Peter Serracino Inglott, Joseph V. Tabone and Joseph F.X. Zahra. Its Communications Officer is Yasmeen Ariff. Board members participate in The Today Public Policy Institute on a voluntary basis and in their personal capacity. Their association with the Institute and with the specific reports produced for the Institute by Lead Authors in the think-tank is without prejudice to the policies and positions of their respective institutions or organisations, nor does it necessarily imply the endorsement by each Board member of the conclusions and recommendations presented in such reports. This report reflects a set of ideas, options, approaches, conclusions and recommendations advanced by the Lead Author. While individual Board members may or may not necessarily agree with every iota of the report, the Board as a whole considers it to be well-founded and worthy of consideration by government, senior policy-makers, the broader policy community and civil society as a whole.
    [Show full text]
  • Bank of Valletta P.L.C. (A Public Limited Liability Company Registered Under the Laws of Malta with Registration Number C2833)
    Prospectus Dated 20 May 2009 Bank of Valletta p.l.c. (a public limited liability company registered under the laws of Malta with registration number C2833) Issue of €35,000,000 5.35% Subordinated Bonds 2019 (subject to an Over-Allotment Option not exceeding €15,000,000) of a nominal value of €100 per Bond issued at par Issue Period: from 08 June 2009 to 12 June 2009 (both days included) (subject to the right of the Issuer to close the Issue early in the event of over-subscription) ISIN:- MT0000021262 Sponsor Manager & Registrar Bank of Valletta p.l.c. | Prospectus 1 23494 - Prospectus 2009.indd 1 5/18/09 2:39:14 PM TABLE OF CONTENTS Prospectus ............................................................................................................................................................1 Table of Contents ..................................................................................................................................................2 Summary Note ......................................................................................................................................................5 1 Important Information .......................................................................................................................................6 2 Warnings ..........................................................................................................................................................7 3 Definitions ........................................................................................................................................................8
    [Show full text]
  • An Everyday Guide to Expatriate Life and Work. MALTA COUNTRY GUIDE
    MALTA An everyday guide to expatriate life and work. MALTA COUNTRY GUIDE Contents Overview 2 Employment Quick Facts 1 The job market 7 Income tax 7 Getting Started Retirement 7 Climate and weather 3 Business etiquette 7 Visas 3 Accommodation 3 Finance Schools 3 Currency 7 Culture Banking 8 Language 3 Cost of living 7 Social etiquette 5 Health Eating 5 Private medical insurance 8 Drinking 6 Emergencies 8 Holidays 6 Pharmacies 8 Health Risks 8 Getting In Touch Telephone 6 Internet 6 Postal services 6 Quick facts1 Capital: Valletta Population: 445,000 Major language: Maltese and English Major religion: Roman Catholicism Currency: Euro Time zone: GMT +1 (GMT+2 from the last Sunday in March to the last Sunday in October) Emergency number: 112 Electricity: 230 volts, 50 Hz. Flat three-pin plugs are standard. Drive on the: Left 1 http://www.expatarrivals.com/malta/essential-info-for-malta Overview With its wonderful coastline and fascinating history, the archipelago of Malta is a favorite choice for expats wanting to escape to the sun. The country has one of the smallest economies in the European Union, but it nevertheless offers some interesting employment and investment opportunities. Apart from tourism, local industries include online gambling, IT and a growing and vibrant film scene. Although attractive as a destination for young professionals, it’s more popular with retirees seeking a calm spot to indulge during their senior years. The main island of Malta is more urbanized than its northwestern neighbor, Gozo, which is more rural and undeveloped. Comino is the tiny third island that has only three permanent residents.
    [Show full text]
  • Bank of Valletta (BOV) Stock Rating Neutral
    EQUITY RESEARCH 7th August 2017 Bank of Valletta (BOV) Stock Rating Neutral Executive Summary: Country Malta Industry Banking & Financial Services “We are initiating coverage with a Neutral recommendation on the Ticker BOV MV shares of BOV. We view the shares as fairly valued given the current share price in relation to the outlook of the general economy, banking sector and the specific characteristics of the bank. We view the Price €2.00 company as a stable dividend paying equity which is an ideal candidate Price Target (1 Yr) €2.25 for exposure to the banking sector in Malta and the economy as a whole.” Market Cap €840m Shares Outstanding 420m Free Float 72% Group Operations: Dividend Yield (net) 4.26% Bank of Valletta (“BOV”) was formed in 1974 and in 1992 BOV P/E 8.34x became the first public company to be listed on the Malta Stock Exchange. The Government of Malta is the largest shareholder with 25.23% shareholding followed by UniCredit S.P.A. which retains a Price Movement Exchange MSE 14.45% stake in the group. 52-week Range €2.00-€2.27 The Bank's financial services are offered through a network of 44 branches and agencies in Malta and Gozo, and through a number of 2.3 subsidiaries. It has also developed a worldwide network of 2.2 correspondent banks and has opened representative offices in Australia, Belgium, Italy, and Libya. 2.1 € 2 Principal activities Price Price The Bank of Valletta Group comprises Bank of Valletta p.l.c. (“the 1.9 Bank”), BOV Asset Management Limited, BOV Fund Services Limited 1.8 and BOV Investments Limited.
    [Show full text]