Prime Minister Lawrence Gonzi this evening inaugurated a  new Lombard Bank branch in Tower Road, Sliema.

The building hosting the bank is the last remaining detached house on Tower Road.

Speaking about the restoration of the building of the new branch, Lombard Bank CEO Joe Said, who is also chairman of Heritage Malta, highlighted that Malta can boast of highly skilled restorers and encouraged others to follow suit by restoring old buildings which in the end translates into an attractive product.

The restored landmark house was built in 1914 and is positioned in between Dingli Street and Tower Road.

Addressing those present, Dr Gonzi said that “today we are celebrating another success of the financial sector and our country.

“Throughout the years, Lombard Bank transformed itself. Today the bank is listed on the Stock Exchange, has 10 offices spread across the island, employing a total of 150 people.”

Dr Gonzi went on to say that the bank’s expansion continues to confirm that the financial and banking sector are strong.

“The last few years saw deposits in banks increase by nine billion euros, today reaching a total of 42 billion.

“These numbers speak for themselves and deliver a strong message that our financial and banking sector is highly trusted,” Dr Gonzi said.

He added that success in the financial sector depended on the econmic stability of a country, emphasising that throughout the last five years, despite the economic global turmoil, the Maltese economy continued to grow and register positive results.

This, he said, is confirmed through the EU’s official statistics.

Dr Gonzi added that German Chancellor Angela Merkel said that our country is considered one of the best countries in the EU.

“In the third quarter of last year, the Maltese economy registered a  1.9% growth whereas other countries in the eurozone witnessed a shrinking economy.

“In fact, Malta’s unemployment rate is among the lowest in the EU.

“Between 2008 and 2011, the rate of employment increased by 2.4%, the highest in the whole of the EU,” Dr Gonzi said.

Dr Gonzi concluded by saying that the financial sector remains an important pillar for our country and contributes to the above-mentioned results.