In the Malta Independent on Sunday newspaper, BOV Group chairman Joseph F. X. Zahra said that the group was the first to take advantage of recent amendments in the banking laws which allowed financial institutions to offer stockbroking services.

By using BOVSL, the clients' orders can be processed in real time using its communications platform BOVNET. Initially the new service will be operating on an "execution-only" basis but aims to offer a complete stockbroking provision including on-line trading sometime in 2001.

The group also aims to apply for an Malta Financial Services Centre (MFSC) investment services licence to facilitate the completion of trades on foreign exchanges - until then the service will be provided by the BOV Group.

Mr Zahra described the extension of the group's stockbroking service as another milestone towards the Bank of Valleta's goal of becoming a fully comprehensive financial services provider. For some time the bank has attempted to move away from a sole dependence upon traditional retail banking services by introducing new ventures such as bancassurance, wholesale banking and fund management which have proven successful.

Mr Zahra concluded: 'In launching this new initiative we have been very sensitive to all our customers' needs and as a result of our relationship banking strategy, we will be aiming to provide tailor made solutions for all individual customers. In order to do this we have maximised the use of Bank of Valletta's technological infrastructure which will enable us to communicate and trade on behalf of our customers electronically. This will also include video conferencing facilities between BOVSL's offices in St. Anne Street, Floriana and all BOV branches.'