Bank of Valletta’s CEO Charles Borg has returned from a visit to Libya cautiously optimistic about the progress being made since the end of the revolution – and reassured by the ongoing good relationships the bank has with its contacts there.

Mr Borg had what the bank described as ‘very fruitful’ meetings with its main correspondent banks, the deputy governor of the central bank and a number of Maltese and Libyan entrepreneurs.

BOV was the first Maltese bank to have a presence in Libya and the only one to have a representative office there. Over the past decade it has built up a considerable amount of goodwill with key people and institutions, as well as assisting numerous clients who wishes to trade with Libya.

The representative office, managed by Charles Saliba, monitored the situation closely throughout the turmoil and is now carefully continuing to build relations with all the main contacts involved.

“Libya is a nation of great resources – and great potential. It has a young, vibrant population and the country is on the brink of a huge expansion as it puts the revolution behind it and builds for the future. We know that there is already a huge thirst for investment. However, we believe that such visits are crucial to help us understand the new structures that are in place – or are being put into place – regarding the pillars you require for stability, namely regulatory oversight, the institutions a nation requires and, of course, leadership.

“Such insight ensures that we are in the best position to advise our clients when they need to make decisions that walk a fine line between opportunity and risk, when situations are still volatile,” he said.

Mr Borg was accompanied by BOV Chief Officer, Credit Albert Frendo and Executive Head, Trade Finance Joe Esposito.