Lord Mayor Of London Heaps Praise On Malta’s Finance Industry

by Robert Lee, Tax-News.com, London

19 July 2005

Malta has the potential to act as a "gold standard" regional financial services centre according to the Lord Mayor of the City of London, Michael Savory, who has recently returned from a trip to Malta as the United Kingdom's ambassador for the financial services industry.

Speaking at a seminar in London's Mansion House entitled 'Malta - opportunities and potential in Europe's new model finance centre', the Lord Mayor told representatives from top banks, insurance companies, fund management firms, and law and accountancy professionals that Malta's accession to the European Union coupled with its "skilled and innovative" finance industry opened up new avenues of cooperation between the Mediterranean island and the City.

"I had a very fruitful visit to Malta in February this year in my role as Ambassador for United Kingdom-based financial services. Our bilateral relations with Malta are long-standing and excellent," said the Lord Mayor.

He continued:

"There is very good scope for Malta to act as a gold standard financial services centre in the region and this seminar will be another good step forward towards this aim."

"Following Malta's accession to the EU there are now more opportunities for Malta and the City to do business together, facilitated by a strong affinity in our legal and regulatory frameworks."

"Not only this, but Malta's historic ties with North Africa and the Middle East mean it is a good place for British businesses wishing to expand into those markets to be based. Malta can act as a bridge-head for commercial and financial operations - the perfect regional hub."

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