A new Labour government would build on the success of the financial services sector, Labour leader Alfred Sant said yesterday.

Speaking during a visit to the Banif Bank (Malta) premises in Gzira, Dr Sant said the Labour Party was dedicated to continue promoting the sector.

“We’re very glad with the presence of foreign banks like Banif in Malta. The country already has competitive advantages internationally,” he said, adding that there is also a big pool of Maltese experts working abroad.

He said that by means of its policies, a new Labour government would encourage them to come back and banks like Banif also had a role to play in this regard.

“Due to the fast-changing nature of the international financial services sector, you have to predict what is going to happen and go there before it happens,” said Dr Sant, adding that the Labour Party planned to encourage more training programmes related to finance.

Speaking to Banif Bank (Malta) CEO Joaquim Silva Pinto and chairman Joseph Sammut, Dr Sant said a new Labour government would want to take on suggestions from entities like Banif, regarding how they would grow faster.

He said that between 1996 and 1998, the Labour government had set up a commission to encourage further growth in the financial services sector.

A report drawn up by this commission had proved to be quite useful, as a number of good ideas had been implemented, he said.

A new Labour government would create a nucleus of expertise, making Malta renowned as a financial services centre, said Dr Sant, adding that the plan was to encourage more professionals specialising in different areas of the financial services.

He said the party also planned to encourage more companies in the field to focus their operations on specific areas, making Malta more visible as a financial services centre.

Asked whether the party had plans to privatise the Bank of Valletta, Dr Sant said that under the current circumstances, he did not believe there was sufficient reason to do so.

Mr Silva Pinto on his part, said Banif had started from scratch in Malta. He said it strives to be one of the key players in the financial services sector and was naturally open to give its suggestions for growth.

“We’re already operational, but slowly trying to get acquainted with the Maltese reality. We would naturally be very happy to see a stronger financial services sector in Malta,” he said.