Bank of Valletta plc - Merger of subsidiary

Bank of Valletta holds a Category 3 Investment Services Licence that permits the Bank to provide stockbroking services without the need of having a separately licenced entity. The Bank has been granted by the MFSA an extension of its licence to cover stockbroking services, and has become a member on the Malta Stock Exchange.

The Board of Directors of the Bank and that of BOV Stockbrokers Limited (BOVSL) have resolved to merge within the Bank the BOVSL operations. BOVSL will be surrendering its investment services licence and has relinquished its membership on the Malta Stock Exchange. The Directors expect this merger to be finalised by the 16th September 2006.

This merger forms part of the Bank’s strategy of reviewing its structure on an ongoing basis, with the objective of making the most efficient use of the Group’s resources.

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