The Company

Bank of Valletta p.l.c. was established on 21st March 1974. However its roots date back to 1809, when a group of prominent Maltese and British businessmen founded the Anglo-Maltese bank.

Banco di Malta and B Tagliaferro & Sons were established in 1812 whilst Sciclunas Bank was set up in 1830. In 1946, the Anglo-Maltese Bank and Banco di Malta merged and formed the National Bank of Malta. Three years later, Sciclunas Bank affiliated with the National Bank of Malta to form the National Bank of Malta Group. B Tagliaferro & sons became part of the Group in 1969. In 1974, Bank of Valletta took over the business of the National Bank of Malta. A minority of the Bank’s shares (9.6%) was sold to the Maltese public in 1974, while in 1975, another 20% of the share capital was sold to Banco di Sicilia.

The Company is authorised to carry on the business of banking under the Banking Act, Cap. 371 of the Laws of Malta, as a credit institution; it is licensed to provide investment services in terms of the Investment Services Act, Cap. 370 of the Laws of Malta, and is a licensed insurance sub-agent in terms of the Insurance Brokers and other Intermediaries Act (Cap. 404 of the Laws of Malta).

The Company is both the parent company and the principal operating arm of the BOV Group. Throughout the last ten years the BOV Group has diversified its areas of operation both through the Company and through subsidiaries but commercial banking undertaken through the Company remains the core of the BOV Group’s business. The BOV Group’s diversification has been principally in areas of financial services such as insurance and investment business, which complement its core banking business.

Use of Proceeds

The net proceeds from the bond issue were utilised in the general business of the BOV Group. These constitute additional own funds of the Bank within the provisions of the Own Funds Banking Directive BD/03 and accordingly were used to increase the Bank’s own funds in terms of the requirements of the Banking Act 1994. In practice, this allowed the BOV Group to develop its lending strategies in relation to large exposures.

Security & Status

Unsecured & Unsubordinated



Amount Issued





The bonds will be redeemed at 100% (par) on 2 October 2010.

Interest Payment

Annually on 2 October

XD Date

12 September


Official List

No. of Bondholders



Roderick Chalmers, Joseph Borg, Joseph Brincat, Roberto Cassata, Gordon Cordina, George Portanier, Norman Rossignaud, Paul Testaferrata Moroni Viani, George Wells.

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