Bank of Valletta was awarded the Bank of the Year in Malta 2005 award by The Banker, the London Financial Times’ monthly banking publication, at a ceremony held on 6 September at the Dorchester Hotel in London. The award was presented to BOV chief executive officer Tonio Depasquale by Stephen Timewell, editor-in-chief of The Banker.

The Banker has been a trusted source of global financial intelligence since 1926 and the Bank of the Year awards listing has become not only essential reading but also a key indicator of financial performance. This year is the sixth awards listing by The Banker and covers a record 138 countries.

For the country assessments, the global editorial team of The Banker considers not only the latest results, growth and banking data but also technology and strategic developments. The award for a single bank in each country is for the best overall performance in the previous period, incorporating both performance criteria and qualitative achievements.

Winners in The Banker awards receive a prestigious Bracken award, named after Brendan Bracken, founding editor of The Banker in 1926 and chairman of the modern-day Financial Times from 1945 to 1958. Brendan Bracken epitomises the global spirit, vision and integrity of The Banker and the FT Group, and the winning of a Bracken is a fitting accolade for the performances of the world’s top financial institutions.

Commenting on winning the award, Mr Depasquale said that BOV was delighted to receive The Bank of the Year award for 2005. “This proves that the BOV’s policy and approach is reaping the deserved results,” he said.

“Winning this prestigious title gives us great satisfaction,” Mr Depasquale added, emphasising that the award is a vote of confidence in the employees of Bank of Valletta. “It shows that we employ an excellent team that is dedicated, efficient and that can step up to the challenge of competition. The Bank of the Year award 2005 shows that we are a very high-ranking institution, even by international standards, continuing to upgrade our customer offering, both through traditional as well as new alternative delivery channels using the latest technology.”

Mr Depasquale said that during the past year, the bank had articulated its brand promise as part of an enterprise-wide process directed at strengthening the BOV brand. The brand promise, with support and mutuality being its underlying principles, forms the basis of an integrated change plan that the bank is currently implementing. This process will continue to synchronise the bank’s operations, reinforcing its core relationship based strategy.

In conclusion, Mr Depasquale referred to the cost efficiency culture at BOV. He said that all BOV initiatives are aimed at delivering an optimum return on investment. “The Award also underlines Bank of Valletta’s achievements in Malta, highlighting its strategies and rewarding the Bank for its constant efforts in the areas it prioritises, namely, customer focus, a quality service and cost-efficiency.”