Malta's Banks Must Compete With Foreign Players, Says Bank of Valletta Chief

Robert Lee, Tax-news.com, London

16 February 2001

The Chairman of Malta's Bank of Valletta Group, addressing a Chartered Institute of Bankers' Seminar on the island recently, spoke of the need for Malta to compete with foreign players in the financial services sphere rather than be subdued by them.

Mr Joseph F X Zahra told the seminar: 'Malta needs to keep adapting its financial and industrial system and its economy to the realities that are taking place in more advanced economies in view of our country forming part of the European Union. This restructuring process entails a heavy investment in the new technologies which will assist local business to enhance its productivity and to be on the same footing with its foreign competitors.'

In his speech entitled "Competing with Foreign Players", Mr Zahra outlined the huge forces driving change in the financial services industry. He cited globalisation, the rise of capital markets, electronic communications, information technology, liberalisation and de-regulation and the emergence of new competitors.

Mr Zahra said of his own bank: 'Bank of Valletta is operating on a model whereby results are achieved through the enthusiasm, dynamism, initiative and participation of its people. This is taking place with the knowledge that centralised conservative structures are giving way to innovative thinking and rapid decision making with speedy transition from concept to implementation.'

He continued: 'All these factors support our competitive edge where as local players, we have a clear understanding of the market in which we operate and most importantly, we understand our customer, his culture and values and his changing needs. Only banks that restructure within such values of dynamism and flexibility can survive the harsh foreign competition and become dominant players in their markets.'

.

Recommended

Write a comment