The financial services sector in Malta has developed into a main engine of economic growth, enjoying a growth rate of over 30% in 2010, Prime Minister Lawrence Gonzi said. He was speaking at the opening of the new corporate offices of GlobalCapital plc in Testaferrata Street, Ta’ Xbiex.
GlobalCapital Chairman Nicholas Ashford-Hodges said the high quality premises, which involved a significant €6 million investment, represents the beginning of another new and exciting chapter in GlobalCapital’s corporate history. “Spread over five floors, we have managed to bring together most of the GlobalCapital group’s operations under one roof in the first three floors with the top two floors to be leased to prime tenants,” he said.
“This new head office underlines our continuing commitment to offer an improved level of service to clients, to providing a productive, cost-efficient and engaging working environment for our 150 staff, and to developing synergies that will ensure long-term savings of direct benefit to the group’s bottom line through enhanced operational efficiency.”
The prestigious offices were designed to reflect GlobalCapital’s brand standards and continue to reinforce the highly personalised service offered to all clients in a private and friendly environment. “They are a clear demonstration of our Board’s commitment to the future growth of this dynamic organisation under the leadership of our recently appointed Chief Executive Officer, Bashar Khatib.
“The performance indicators for the core business during the first part of 2011 appear to be a source of optimism to us, though the investment markets continue to be challenging. We are nonetheless fully committed to continuing to add value to our customers through quality products and a service-oriented client-centric culture.”
Mr Ashford-Hodges concluded: “We look forward to assisting the Government to achieve the best possible retirement pension framework for Maltese citizens. We are proud to be good corporate citizens and we work in close co-operation with the Regulator – the Malta Financial Services Authority. We are confident that with this corporate office now fully functional, GlobalCapital will realise the higher performance standards that we demand.”
With the sector diversifying into a number of sub sectors, Dr Gonzi said: “We have seen the increase not only in the traditional services, such as accounting and auditing, but the emergence of new niche sub-sectors such as fund management, wealth management and insurance.”
With over 90 companies now active, including international players in the captive and commercial insurance operations, insurance management and brokering, employment has continued to expand, increasing by over 5% in 2010.
Among the critical success factors Dr Gonzi listed regulation, the principle of vigilance and the synergy created by the ICT revolution. “Malta’s solid regulatory framework has not only been pivotal for the growth of the financial sector but also for Malta’s resilience to the financial crisis,” he said.
“We pride ourselves on having a strong yet pro-active regulator. It is for this reason that the World Economic Forum’s Competitiveness Report for 2010/2011 ranks Malta in the top 15 in a number of key categories covering financial services.”
The Prime Minister concluded: “By building on our assets, consolidating business and being flexible to reap new opportunities we will continue to generate value added, employment and investment.”
The Prime Minister, who was accompanied by Mrs Kate Gonzi, was welcomed by Mr Ashford-Hodges and Mrs Norah Ashford-Hodges.
In his introduction, GlobalCapital Chief Executive Officer Bashar Khatib said the new corporate offices house GlobalCapital plc and its subsidiaries: GlobalCapital Life Insurance Limited, GlobalCapital Health Insurance Agency and GlobalCapital Financial Management.
GlobalCapital Life Insurance, previously British American Life Insurance, has for the past 45 years contributed to providing financial security to thousands of clients, paying millions of euros in death, disability and retirement benefits. It also through its investments, contributed and continues to contribute to the financial growth and development of various communities and the country as a whole.
“These new corporate offices are also contributing to job creation and the capital invested is enhancing the development of the Testaferrata Street area as a central business location,” Mr Khatib said.
The Prime Minister unveiled a commemorative plaque and Ta’ Xbiex parish priest Fr Wistin Vella, OCD, blessed the premises. Dr and Mrs Gonzi were then taken on a tour of the premises.
GlobalCapital’s Life Insurance, Health Insurance and Investments divisions are operating from the Ta’ Xbiex office. GlobalCapital Insurance Brokers Ltd are operating from reorganised offices in Fgura, allowing GlobalCapital’s broking arm to have an improved high street presence.
GlobalCapital plc is one of the leading financial services providers in Malta. GlobalCapital Health Insurance Agency is the sole provider of world class Bupa health insurance. GlobalCapital Life Insurance Limited, previously a branch of British American, offer long-term savings and life insurance products and has been in the market since 1965. GlobalCapital Financial Management Limited offers investment products from local and international markets. GlobalCapital Insurance Brokers offer general insurance broking services. GlobalCapital plc is listed on the Malta Stock Exchange.