BOV establishes EU business development department

Bank of Valletta is sharpening its business development strategy and strengthening its efforts in supporting SMEs with the setting up of a new EU Business Development Department.

The objective of the EU Business Development Department is to consolidate bank of Valletta's position as the facilitator for the local business community to avail itself of EU funding opportunities.

As part of the current programming period (2007-2013), over nine per cent of Malta's EU Structural and Cohesion funding is directed to SMEs. BOV has already taken various initiatives to improve access to finance for SMEs by developing financing packages tailor-made around the different grant schemes offered by Malta Enterprise, the Tourism Sustainable Development Unit and the Rural Development Programme.

In addition BOV has launched the BOV JEREMIE Financing Package which is the largest SMEs financing programme in Malta making available over €50 million worth of soft loans for Maltese enterprises. 

To further expand its EU services for the Maltese business community, BOV has appointed Mark Scicluna Bartoli to Head the new EU Business Development Department.

Scicluna Bartoli has a vast experience in the area of EU funding programmes for SMEs attained, internationally and locally, with the European Commission, Arthur D. Little and Malta Enterprise.

Michael Galea, Chief Officer Operations at bank of Valletta said: "Through the establishment of this new department, BOV is further complementing the array of products and services it offers to the local business community. The bank is ensuring that SMEs maximize the opportunities that EU membership brings vis-à-vis EU funding, benefiting from products such as the BOV JEREMIE Financing Package and enhancing local Trade and Investment within the Internal Market and beyond".

"Our objective is that the new BOV EU Business Development Department becomes a focal point in expanding the access to finance for enterprises by tapping into EU programmes and initiatives and seeking to enhance linkages with Brussels-based bilateral and multilateral institutions."