Victor Rizzo Giusti has been elected chairman of the Malta Bankers’ Association. The other board members are Edward Cachia, Marcel Cassar, Tonio Depasquale, Alan Richards, Joseph Said, Henry Schmeltzer and Joaquim da Silva Pinto.

The association said the combined balance sheet total of its member banks as at the end of 2009 reached e40 billion, while total equity stood at e3.5 billion. The number of their full time employees was 3,846.

The direct contribution of the banking sector to the local economy remains significant, with payroll last year amounting to e106 million, taxation on profit on ordinary activities reaching e95 million, and dividends paid to resident shareholders amounting to over e41 million. Loans and advances to customers totalled e20.4 billion, with amounts owed to customers standing at e16.4 billion, the association said.

The following banks which are licensed to operate in Malta are members of the association: Akbank T.A.S., APS Bank Ltd, Banif Bank (Malta) plc, Bank of Valletta plc, BAWAG Malta Bank Ltd, CommBank Europe Ltd, Credit Europe Bank N.V., Deutsche Bank (Malta) Ltd, Erste Bank(Malta) Ltd, FIMBank plc, Fortis Bank Malta Ltd, HSBC Bank Malta plc, Investkredit International Bank plc, Izola Bank plc, Lombard Bank Malta plc, Mediterranean Bank plc, NBG Bank Malta Ltd., Nemea Bank plc, Raiffeisen Malta Bank plc, Sparkasse Bank Malta plc, Turkiye Garanti Bankasi A.S., VoiceCash Bank Ltd and Volksbank Malta Ltd.