In line with the Bank’s growth strategy, Banif Bank has opened a new branch in Rabat to cater for the needs of Rabat residents and those residing in the immediate vicinities. The new branch was inaugurated by Prime Minister Lawrence Gonzi on the 2 August.
Banif Bank’s Chairman, Joseph Sammut highlighted that despite the difficult international economic environment, which has brought about new market realities, Banif Bank is still pursuing its policy of business growth, as well as investing in the local economy. This new branch increases the Bank’s retail network to 9 branches, complemented with a corporate and business banking unit, a private banking arm, electronic banking facilities and trade finance solutions.
“Today Banif is considered as one of the leading commercial banks in Malta. The awards for Best Banking Group awarded by World Finance for two consecutive years are clear proof that Banif is also highly regarded by fellow professionals in the financial services sector”, continued Mr Sammut.
Banif Bank’s CEO, Joaquim F. Silva Pinto reaffirmed the Bank’s commitment to keep moving forward. “Our retail network has now been extended to nine different localities and will keep growing until we, and the market we serve, feel that we have the right dimension to provide the best level of service possible. This is an unequivocal demonstration of the soundness of the project and the commitment of the Bank’s management and shareholders to reach their targets,” said Mr Silva Pinto. “As one of the largest foreign direct investments made in Malta over the last years, Banif Bank has been fully designed to serve this market and support the Maltese economic development and growth, through the commitment of the dedicated employees”, continued the CEO. “We are constantly working to find better options for the large customer portfolio that have already shown their trust in the Bank. We believe that we can make a difference and that this new branch in Rabat will be another important landmark that will remain imprinted in the rich history of this locality,” concluded Mr Silva Pinto.
Speaking about the Government’s initiatives in this sector, Dr Gonzi said: “Our policies have generated positive results. Malta’s growth rate stands at 2.3%, which is higher than both European and euro area averages. Assets to all credit institutions rose to €49.5 billion in 2010. And deposits of all credit institutions reached the €26 billion mark, an increase of €5 billion in three years.” He continued: “The growth of the financial services sector has also translated into more and better jobs for Maltese graduates. Eurostat statistics released just yesterday show that at 6.2%, Malta has the fifth-lowest unemployment rate in the EU. This puts it in line with the strongest economies in the euro area – Austria, Luxembourg, Netherlands and Germany.”
On a purely sectoral level, 9,599 jobs are supported by the financial services sector today, an increase of 1,072 jobs in three years, said the Prime Minister. “It is clear that in order to sustain this growth, more young students need to be attracted to this sector. In the last academic year, 2,000 full time students were enrolled into the Faculty of Economics, Management and Accountancy within the University of Malta and 800 students read courses in the sector at MCAST.”
Banif Bank’s branch in Triq il-Karrijiet will be managed by Mr. Darren Mascena. It will be open for the public from Monday to Friday between 8.30 am and 2.30 pm and on Saturdays between 8.30 am and 12.30 pm excluding bank and public holidays.