Bank of Valletta plc - Quote

Bank of Valletta plc - Profile

Bank of Valletta plc was established on 21 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.

Bank of Valletta plc 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 Bank 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.

As at September 2007, the Bank’s branch network consisted of over 40 branches, a Corporate Centre, 5 Business Centres and a Wealth Management arm. In addition, the Bank also has representative offices in Australia, Canada, Italy, Tunisia, Libya and Egypt.

The Directors of Bank of Valletta plc are: Mr. Roderick Chalmers (Chairman), Mr. Joseph Borg, Mr. Franco Xuereb, Mr. Paul Testaferrata Moroni Viani, Mr. James Grech, Mr. George Portanier, Mr. Norman Rossignaud, Dott. Roberto Cassata, Mr. George Wells and Mr. Victor J. Cardona (Company Secretary).

Subsidiaries

• Valletta Fund Management Ltd (60%): a joint venture with Insight Investment Management Ltd. (previously Rothschild Asset Management Ltd.) providing fund management services for SICAV companies. Insight Investment Management Ltd owns the balance of 40%.

• Valletta Fund Services Limited (100%): incorporated in 2006 to take over all fund administration services from Valletta Fund Management Limited. This subsidiary provides a range of fund administration services including turnkey pre-registration assistance, fund accounting, registrar and transfer agency services as well as other peripheral services.

Associate and Jointly Controlled Companies

• Middlesea Insurance plc (21.65%):  this public company is engaged in the business of insurance including group life assurance and of reinsurance.

• Middle Sea Valletta Life Assurance Company Ltd (50%): this is a joint venture between Bank of Valletta plc and Middlesea insurance plc. Until September 2005, Middlesea Valletta Life was owned by Middlesea Insurance plc (51%), Bank of Valletta plc (39%) and Munchener Ruckversicherungs-Gesellschaft of Germany (Munich Re) with a 10% shareholding. However on 23 September 2005, Bank of Valletta plc purchased the 10% shareholding in Middlesea Valletta Life Assurance Co Ltd. from Munich Re and also acquired a 1% shareholding from Middlesea Insurance plc. Following these purchases, Bank of Valletta plc holds 50% of MSV’s total equity with the other 50% in the hands of Middlesea Insurance plc. Middlesea Valletta Life operates as a life assurance company licensed under the Insurance Business Act, 1998.

Share Capital

In 1990, Bank of Valletta issued 4,900,000 ordinary “B” shares to the general public, which following the issue, held 28.2% of the Bank’s shares. In 1992, Bank of Valletta plc became the first public company to be listed on the Malta Stock Exchange.

In December 1994 Bank of Valletta plc split its shares on a 2 for 1 basis. Following this exercise, the issued share capital of €26,787,794 was composed of 46,180,218 shares of a nominal value of €0.5823 each.

In 1995, the Government of Malta sold 12,000,000 shares to the public, reducing its majority stake from 51.2 % to 25.23%.

On 1 November 2002, Bank of Valletta plc announced a 1 for 5 bonus share issue to shareholders. The new shares were issued from the bank’s share premium account on 3 January 2003. This bonus issue increased the Bank’s issued share capital from 46,180,218 to 55,416,441 fully paid up shares. Bank of Valletta plc had an authorised share capital of €116,468,670 and issued share capital of €32,261,822 divided into 55,416,441 ordinary shares of a nominal value of €0.5823 each.

On 28 October 2005, BOV announced a 1 for 1 bonus issue which took place on 18 January 2006. Following this exercise, the Bank’s issued share capital increased to €64,523,643 divided into 110,832,882 shares of a nominal value of €0.5823 each. The amount of €32,261,822 was capitalised from the Bank’s retained earnings account.

Following the introduction of the Euro, with effect from 15 January 2008, the sum of €18,581,908 was capitalised from the Bank’s retained earnings to increase the nominal value of its shares from €0.582343 to €0.75 per share.

On 15 January 2008, Bank of Valletta plc allotted 22,500,451 shares, with a nominal value of €0.75 per share, by means of a 1 for 5 bonus issue. As a result, Bank of Valletta plc issued share capital increased to €100 million divided into 133,333,333 shares.

On 17 December 2008, Bank of Valletta plc announced a 1 for 5 bonus share issue to shareholders. The new shares were issued from the bank’s share premium account on 15 January 2009. This bonus issue increased the Bank’s issued share capital from 133,333,333 to 160,000,000 fully paid up shares.

Bank of Valletta plc - Financials

Bank of Valletta plc Interim Accounts

Bank of Valletta plc Final Accounts

News for Bank of Valletta plc

Bank of Valletta plc - Downloads

• Bank of Valletta plc - Stockbrokers' Presentation April 2010 (unknown, 104 hits)
• Bank of Valletta plc - Annual Report September 2008 (416.1 KiB, 93 hits)
• Bank of Valletta plc - Stockbrokers' Presentation 30 April 2009 (2.7 MiB, 102 hits)