Bank of Valletta plc - USD Correspondent Bank

On 9 October 2020, Bank of Valletta plc announced that it has been advised by Raiffeisen Bank International (“Raiffeisen”) that it is seeking to terminate its USD correspondence relationship with BOV with effect from 31 March 2021. BOV explained that it is having discussions with Raiffeisen regarding the ongoing correspondent banking relationship supporting USD payments with a view to satisfying any concerns and restoring the position. BOV is also actively considering alternative routes to diversify the available channels for the payment of USD.