It emerged recently that Bank of Valletta International, the offshore subsidiary of the well-known Maltese bank, has merged with its parent company in anticipation of the expiry of the 10 year offshore banking license which was granted to it under the terms of the Malta Financial Services Centre Act.
BOVI, which provided banking services to non-resident high net worth individuals and corporations will continue to serve its non-resident customer base, but will also now be permitted to offer private banking services to local clients.
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