Find Banking and Financial Services expertise in Malta
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Banks
Malta has developed a large financial sector relative to the small size of its economy. Banking and financial services form a significant part of the economy, contributing 13% to GDP and employing almost 10,000 people in 2010. This sector has moved from being an offshore “tax haven” to a developed financial services centre, to the extent that the government aims to develop this sector’s contribution to 25% of GDP. As of 2010, the total assets of the Maltese banking sector amounted to almost €50 billion, with an increase of almost €9 billion or 21% since 2009. Whilst the financial services sector is dominated by banking, the investment and fund management industry is increasingly attracting foreign companies. Malta’s banking system was only marginally affected by financial downturn from 2008, due to the strength of its regulatory environment and well-capitalised banking sector. There are 25 licensed credit institutions in Malta, with HSBC Malta and Bank of Valletta by far the largest (2011).
Regulation of Financial Services
The Malta Financial Services Authority (MFSA) is the single regulator responsible for financial services in the country. The MFSA was established in 2002, taking over the responsibilities of the Central Bank of Malta, the Malta Stock Exchange, and the Malta Financial Services Centre. The MFSA consists of a dedicated authorisations unit and several specialised units that work in conjunction to provide a structure for prudential regulation of different financial services activities. The financial system is fully in line with international and EU financial markets legislation, due largely to the efforts of MFSA and the Central Bank of Malta. The two organisations have also developed good relationships with global overseers of regulatory and supervisory policy. Malta’s development into a reputable financial centre is reflected in the banking system’s position as 13th most sound in the world in the World Economic Forum’s Global Competitiveness Report (2012-13), with a value of 6.2 out of 7, above the world mean of 5.1.
Development of Financial Services
In relation to the availability of financial services it ranked 34th, coming just above Cyprus. For affordability of financial services it came in 32nd place, again above the world mean (4.9 out of 7 compared to a mean of 4.2) and eight places above Spain. With regard to financing through the local equity market it placed 24th, above some significant global players such as Germany at 33rd.
Banking and Financial Services organisations in Malta | |
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A++ Consultancy Ltd |
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APS Bank Ltd |
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Bank of Valleta plc |
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Barclays Bank plc |
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Central Bank of Malta |
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Erste' Bank (Malta) Ltd |
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Garanti Bank |
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HLB Falzon & Falzon |
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HSBC Bank Malta plc |
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KPMG |
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Lombard Bank Malta plc |
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RS Attard & Co - Moore Stephens |
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Sparkasse Bank Malta plc |
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Volksbank Malta Ltd |
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