Fexco, the international financial services company which is headquartered in Ireland and has offices in London, Edinburgh, Paris, Madrid, Malta and Dubai, opened a new regional office in Gozo last week. The office was inaugurated by Maltese Minister of Finance, John Dalli.
Fexco Malta Ltd was established in 1995 following the 1994 package of legislation in Malta which established the framework for a substantial financial services industry. Mr Dalli said that he was pleased to see a company born out of the legislative changes seven years ago now progressing, developing and looking at further expansion in the years to come.
Mr Dalli commented: 'Fexco itself is also noteworthy due to the nature of its corporate identity. The company is a joint venture between a leading provider of financial services in the Republic of Ireland and a Maltese conglomerate....The Irish joint venture partner in this entity is a model for a number of Maltese businesses. Ireland is, in many respects, similar to Malta. It is a small island on the periphery of the European mainland, and like Malta, its business community has a long tradition of entrepreneurial initiative. The growth of Fexco’s operations in Malta is a reality that exhibits the potential of such vision and initiative.'
Referring again to the catalyst for the growth in Malta's financial services industry, Mr Dalli said: 'Those developments during 1994 gave birth to a new industry in Malta – one that today accounts for a significant portion of Malta’s GDP and offers secure and attractive employment opportunities to an increasing number of Maltese persons. Today, the concept that the Maltese economy is principally dependent on three main pillars – manufacturing, tourism and financial services – is already an established fact. I firmly believe that the financial services sector still faces enormous opportunities for additional growth, and will be one of our primary stimuli to economic growth in the years to come.'
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