A Quick Look at the Current Banks for Business in Malta
There are currently a total of 26 banks for business in Malta and three of these are international branches of foreign institutions. These firms operate according to the guidelines set forth in the 1994 Banking Act as well as the 2002 Central Bank of Malta Act. They are regulated by the Malta Financial Services Authority (MFSA) and these banks are relatively stable due to the resilient nature of the Maltese financial system. For those seeking to open a business in Malta and want to open a bank account, the following are the top banks in Malta.
Bank of Valletta
This bank was first established in 1974 and its main offices are in Santa Venera. Employing over 1,500 staff members, Bank of Valletta offers financial products such as credit cards, retirement products, life insurance packages and services for small- to medium-sized organisations. There are a total of 44 branches as well as offices located in Libya, Belgium, Italy and Australia. Its assets are worth a total of $12 billion dollars.
HSBC Bank Malta
This Maltese financial institution is a subsidiary of its larger European counterpart. Previously referred to as Mid-Med Bank, it was acquired by HSBC in 1999 and it is headquartered in Valetta. The firm is part of the HSBC Retail Banking and Wealth Management Group. Global banking and commercial banking represent other segments. There are 28 HSBC branches in Malta (three in Gozo). According to 2016 statistics, the combined assets of HSBC Bank Malta were $6.88 billion dollars.
FIMBank
FIMBank was launched in 1995 and it is a subsidiary of United Gulf Bank. It is located out of St. Julians and it employs approximately 400 individuals. This Maltese business bank can be separated into four segments: treasury, factoring, forfeiting and trade finance. Its total assets are valued at $1.85 billion dollars.
Sparkasse Bank
This bank for Malta business is located in Sliema and it is one asset within Sparkasse Holdings Limited (Malta). It was formed in 2000 and areas of expertise include depository services, custodial matters, investments and private banking solutions.
IIG Bank
Founded in 2010, IIG bank specialises in wealth management, corporate banking, trade finance and private services. Some other options include currency exchange, electronic banking, prime accounts and international trade finance. Particularly geared towards companies which centre around importation and exportation, IIG Bank is located in St. Julians. 2016 figures show that the net worth of this bank is $154 million dollars.
Akbank TAS
This Turkish bank was originally established in 1948 to offer services to the Maltese cotton industry. Some core competencies include (but are not limited to) commercial and private banking, money markets, Forex trades, investments and international services. Recent data has shown that the total assets of Akbank are approximately $11 million dollars. This institution functions as a branch of the larger Turkish Akbank TAS group. Total assets of Akbank TAS are valued at $11 million dollars.
Credoarax
This Maltese bank was incorporated in 2007 and it is headquartered in Valletta. Credoarax provides merchant-based services to firms within the European Union and two EEC member states. It is also involved with Union Pay, MasterCard and Visa (Europe). According to 2015 figures, the assets of this bank were valued at $104 million dollars.
AgriBank
This commercial bank is based out of Luqa and it was first established in 2012. Services include the provision of financial leases as well as high-purchase agreements. Its online platform caters to agricultural firms within the United Kingdom. It obtains funding through methods such as wholesale transactions, equity trades and retail deposits.
Banif Bank
Banif Bank is headquartered in Gzira and it was originally founded in 2008. There are 12 separate branches throughout Malta. These include centres devoted to corporate and business banking needs. Al Faisal International for Investment Malta Limited (Qatar) is its largest shareholder. This is one of the most well-known diversified industry groups. The aggregate assets of Banif Bank were valued at $630 million dollars in 2016.
FCM Bank
This is one of the banks for business in Malta which specialises in areas such as fixed-term deposits and savings accounts. Most of its services are based within the online community and its main offices are found within St. Julian’s. According to figures released in 2016, the assets of FMCM Bank were valued at $79 million dollars. These are some of the most well-known banks for business in Malta. Please visit their official websites for more details or if you have any additional questions. You may also refer back to this brief overview in the future.
Corporate Services
We can help you in finding the best companies providing corporate services. This will greatly improve the effectiveness when opening a bank account for business in Malta and ensure the right accounts are opened so your business complies with statutory obligations.
