Bank of Valletta announces new US dollar correspondent

The Bank of Valletta announced a new United States Dollar banking relationship with Citi.

In a statement on Saturday, BOV said that the addition of Citi for US Dollar correspondent transactions enhances its current correspondent banking arrangements with other international banks.

It will also provide direct access to US Dollar cash clearing services.

Speaking about this collaboration, CEO Kenneth Farrugia explained how the introduction of this new correspondent banking relationship is “yet another milestone” in the Bank’s current strategic drive to provide personal and business customers with the ability to execute international cross-border payments.

“This important development is an endorsement of the progress registered by the Bank in strengthening its governance structures and compliance requirements that are meeting the expected standards of major players in the global markets such as Citi,” Farrugia said.

“We are thrilled to announce our partnership with Citi, a financial services provider with vast expertise and a global presence. Our objective is to build on this relationship and explore other services as we continually seek ways to expand our capabilities to meet the evolving needs of our customers, who expect speed and accessibility above all else in cross-border financial services.”

In his comments on this service partnership, Emilios Kyriacou, Citi Country Officer for Greece, Cyprus and Malta stated that they, “are pleased to announce this new partnership which demonstrates our commitment to supporting BOV’s strategy. Our global network, mindset and international expertise ensure we are uniquely positioned to help our clients meet their strategic ambitions.”

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.