Addressing the Bank of Valletta Group annual managers’ conference, chairman Roderick Chalmers said that the journey of change embarked upon by Bank of Valletta several years ago will continue in a strong, sustained and unabated manner.

“The board of directors and executive management are committed to the continued growth of BOV, and we will continue to embrace change and challenge and seek out opportunity while investing in our people so as to sustain and improve our market position,” said Mr Chalmers.

He was addressing an audience of around 450 managers who make up the management team of the BOV Group at a conference that reviewed the results of the financial year just ended and discussed the bank’s strategy and key group measures for the financial year 2007.

Mr Chalmers said: “BOV is actively seeking to take advantage of opportunities in the market. New operations, such as the recent setting up of Valletta Fund Services and the BOV Trustee Services Unit, will contribute to our sustained growth, and we are already seeing encouraging indicators coming from these areas.”

“Consolidation” is not a word on BOV’s agenda, he said. “We are determined to keep expanding the business, and to improve our competitive position – and our strategy is directed at maximising opportunities for further growth,” said Mr Chalmers.

He concluded his address by saying: “Whatever the growing strength of our balance sheet, our most important assets remain our people, the

customers that we serve, and the

reputation that we have established in the market place over a number of years. This year’s set of results, which have seen BOV hold its own despite formidable competition, are proof of this.”

BOV chief executive officer Tonio Depasquale explained that in 2007, BOV will continue to establish itself as one of the best performing banks compared to its European counterparts.

“Our strategic objectives are designed to stimulate growth in all our areas of operation, and we have set targets that are designed to drive the organisation to maximise on the opportunities that the market is presenting,” said Mr Depasquale.

The conference was also addressed by the bank’s chief officers, who outlined the strategic priorities and targets for their respective areas of operation.