“Volksbank Malta registered a record profit before tax of over e10 million, an increase of 43 per cent over 2006,” bank managing director Herbert Skok told the bank’s annual general meeting.

For the first time, the total assets exceeded e1 billion.

The bank continued with its strategy to maintain a continuous flow of international business, but significantly increased its contribution from local operations. In order to consolidate its commitment towards the local community, the bank has made several appointments in its senior managerial staff during the last year, and for the first time appointed a Maltese banker, Victor Rizzo, as general manager.

“During 2007 there was also a significant change in the board of directors,” Mr Skok said. “In April 2007, Winston V. Zahra was appointed as chairman, following the resignation of Maurice Mizzi. Director Werner Wess, one of the founding members of the bank and board member since 1995, has renewed his contract as member of the executive board for another three years.”

For 2008, further changes were announced during the AGM: Michael Smutny will join the board of Volksbank Malta Limited as non-executive board member.

During the AGM of Investkredit International Bank plc, Malta, Mr Skok was also appointed as managing director and Michael Smutny as non-executive board member, replacing Thomas Heinisch, who left the company.

Volksbank Malta Limited also completed the refurbishment project of its offices in Sliema during the last year: the branch layout was redesigned, several meeting rooms were added and accessibility was improved. A significant amount of resources was also invested in relatively new IT technologies, which will enable the bank to take on new projects that are currently being developed.

The results were published during a reception held last Friday, which was well attended by customers and business partners. Entertainment was provided by Czech violinists Femme Fatale, who fascinated the guests with their pop versions of classical music.