Bank of Valletta plc - Information to the Market

On 1 July 2019, Bank of Valletta plc issued an announcement in relation to a media article which appeared in the Sunday Times of Malta on 30 June 2019 entitled “BoV given until Friday to agree to hefty overhaul”. In this respect, BOV explained that it has already submitted to both the ECB and to the MFSA a multi-year transformation programme that is aimed at addressing all of the issues raised by the regulators. The Bank added that it is fully committed to this programme and, in fact, it has already engaged the services of experienced global consultants that will assist BOV in conducting its transformation programme to strengthen the Bank’s overall infrastructure, governance and controls and the risk culture at all levels of the Bank. BOV also noted that it will be making significant investment in its transformation programme with a view to ensure the sustainability of the Bank’s resilience and profitability in the face of higher regulatory demands which are forcing banks with international operations to de-risk aggressively.