Prime Minister Joseph Muscat yesterday attended the inauguration of the Satabank p.l.c offices, a new bank which plans to expand its workforce fivefold within the next two years.

"The inauguration of the offices of Satabank p.l.c. is a statement of the Bank’s intentions to be in Malta and to grow its operations even further in the coming months.  Today Satabank employs around 20 people to service its operations in Malta and its strategy is to have in excess of 100 employees in 24 months’ time.  Malta was not chosen by chance but the decision was taken after a rigorous process which was undertaken to find a suitable jurisdiction which is at the same time attractive and can support our growth,’’said Christo Georgiev, Chairman of the Board of Directors of Signia Holding.

Mr Georgiev said that Satabank’s strategic objective is to become a leading player in the field of provision of innovative banking services through the use of state of the art technology and alternate delivery channels.  He stated that the Bank strives to be different by helping Merchants expand their business, promote their business with the help of its mobile payments Apps and receive their money instantly and spend them as they want and where they want. 

Mr Georgiev said that the Bank decided to set up a base in Malta due to its legal and regulatory framework, operational considerations, intellectual capabilities and the political and economic scenario.   Mr Georgiev said that from an operational perspective, Malta offers easy access to the European Market, with the presence of international and reputable accounting, auditing and law firms operating in a highly regulated sector.

He added that one other important consideration was Malta’s highly trained and expert workforce with a continuous supply of resources made available from your various high-quality educational institutions coupled with a stable social and economic environment, with a financial services sector which is considered as one of Malta’s flagships of its striving economy and a strong technological and digital framework. 

Mr Georgiev heaped praise on Malta’s regulators whom he described as consistent and reliable interlocutors.  He concluded by thanking the Bank’s board of directors and workforce for their efforts in establishing the Bank’s presence in Malta.