When running a business, the phrase “time is money” is not just a cliché. Tight deadlines often need to be met; decisions must be made quickly, and acting swiftly can give you an advantage over competitors. If you’re thinking about expansion, investing to grow, or require a capital injection, you might need to contact your bank to get things moving. A slow response from your bank, or the lack of an appropriate solution, may result in the loss of a great opportunity for your business.
Business solutions
Bank of Valletta understands the importance of offering a wide range of financial solutions tailored for start-ups, SMEs, mid-caps, and large corporations. The Bank’s current offering includes business loans, risk-sharing instruments, MDB and EU-backed Financing Schemes, Trade Finance solutions, Corporate and Syndicate Finance solutions, as well as Corporate Cards and Business Payments.
Until recently, these solutions were offered from different locations scattered across Malta and Gozo, depending on the type of solution required and the size of the business. Today, the Bank’s business banking activity has been centralised, with one main objective – serving businesses efficiently and promptly.
Relocating to a central location
Although having four Business Centres in various localities across Malta meant closer proximity to a business’ location, it sometimes posed a greater challenge for entrepreneurs to commute to the village core, with parking often being a main concern. Another hurdle was the need to set up separate appointments at different bank units for the different services, commuting from one office to another to manage all requirements.
The newly opened BOV Business Hub at The Quad Central in Mriehel eliminates such fragmentation of service, consolidating all business banking solutions into a single location. The BOV Business Hub is a state-of-the-art facility, equipped with modern meeting facilities that offer a private, confidential experience to business customers. Furthermore, to cater exclusively for the personal needs of the Bank’s business customers, a new branch has been set up at this location, complementing the service offering in a truly holistic approach. The BOV Business Branch caters for personal banking needs such as Home and Personal Loans, Digital Banking Services, applications for new Debit and Credit Cards, as well as a fully functional ATM. For the Gozitan customers, the Gozo Business Centre in Victoria will retain the same level of service.
A tailored approach
An important element of this business model is the establishment of a middle office, which coordinates the processing and back-office operations of business credit. This will provide a smoother and more efficient service to customers, as front-facing relationship managers can focus on their constant availability to business customers for their core needs.
In addition, with the amalgamation of the four Business Centres (previously located in Qormi, Mosta, Msida and Fgura), customer management will no longer be centred on geolocation but streamlined according to sectoral expertise. This paves the way for specialisation, coupled with knowledge sharing amongst relationship managers. Existing customers will retain their previous relationship managers; however, it is now easier for new customers to be paired with a relationship manager according to specialisation and sectoral preference. Relationship managers are therefore better able to deliver specific banking solutions, and the needs of businesses can be better addressed according to the sector-specific solutions.
In the coming months, the Bank will continue to fine-tune its customer experience through the setting up of a dedicated business call centre. During office hours, business clients can speak directly to the commercial team on a dedicated line, ensuring that they obtain access to the appropriate expertise, which may be difficult to achieve within a generic call centre.
Leading by example
The newly opened BOV Business Hub incorporates sustainable solutions that are energy-efficient. The building is a LEED Platinum-certified building, which is the highest certification recognised globally. This strengthens the message that BOV shares with its clients about the importance of investing in sustainable finance. The Bank encourages and rewards those businesses pursuing green initiatives, offering favourable terms for environmentally responsible projects. Now, with its investment in The Quad Central, Bank of Valletta is not simply paying lip service to the ESG agenda, but it is doing it firsthand and leading by example.
A business partner
With nearly half of the country’s commercial lending portfolio under BOV’s responsibility, the Bank remains fully committed to act as a true business partner with its commercial customers. The new business hub is a testament to this commitment, as it moves physically, digitally and strategically closer to the business community in Malta.
Issued by Bank of Valletta p.l.c., 58, Triq San Żakkarija, Il-Belt Valletta VLT 1130. Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta).
