RESOLUTIONS TO STRENGTHEN SHAREHOLDER VALUE WERE ALL APPROVED BY
THE SHAREHOLDERS.
During Bank of Valletta's 51st Annual General Meeting, BOV
shareholders approved a record dividend payout, a share buyback
programme, and a bonus share issue.
The Bank's Chairperson Dr Gordon Cordina and CEO Kenneth
Farrugia addressed the shareholders present, highlighting the
Bank's positive performance for 2024 and outlined the
Group's plans for the coming year. At the meeting, shareholders
approved:
- a record gross dividend payout of €0.2238 per share for the Financial Year 2024, totalling €130.7 million. This dividend is the highest in the past ten years;
- a Share Buyback Programme that could involve buying up to 2,800,000 shares (pre-bonus issue) from shareholders to enhance trading liquidity. Further information on this program, which is still subject to regulatory approval, will be issued by the Bank over the coming months; and
- a bonus share issue where shareholders listed on the register as at 26th June 2025 will receive one additional share for every ten shares they hold. This initiative aims to further enhance shareholder value.
This year's AGM also saw the appointment of two new
non-executive directors to the board.
"Providing added value to our shareholders, customers, and the
Maltese economy" – Dr Gordon Cordina
Addressing shareholders, Chairperson Dr Gordon Cordina commented on
the Bank's strong, sustainable market position as Malta's
leading financial services institution. He explained that the Bank
has generated value to its shareholders in excess of €520
million since 2020, mainly due to dividend payouts and a notable
increase in BOV's share value. "Today we are putting
forward a number of initiatives that will continue to add value to
our shareholders, who have placed their trust in the Bank and who
in turn seek adequate returns on their investment.
Our commitment remains steadfast, as we maintain a proactive
approach to optimising our balance sheet, strengthening our
financial returns, and ensuring sustainable profitability over the
longer term. We have an ambitious program to digitalise processes,
ensure that risk and compliance are embedded in our business and
operational model, and maintain high capital and liquidity buffers
that will support the bank in its growth ambitions. The resolutions
put forward for approval are all aimed at providing added value and
giving our trusted shareholders the returns they deservedly
expect".
The Chairperson also thanked the outgoing board members for their
contribution to the work of the Board over the past years.
"Navigating from Good to Great" – Kenneth
Farrugia
In his address to shareholders, Bank of Valletta CEO Kenneth
Farrugia provided key highlights of the Bank's strong financial
performance for 2024 and highlighted several key strategic and
business initiatives that were implemented over the period under
review and others that are currently being taken forward by the
Bank.
"The strategy we have implemented over the past years aims to
position the Bank favourably for future growth. Central to our
strategic journey is the service provided to our personal and
business customers. We have enhanced our customer service
experience considerably by upgrading our branches, rolling out a
program to implement the next generation of ATMs, introducing the
concept of financial well-being, launching new digital services
such as BOV SmartPay, SEPA Instant Payments, and refining our
onboarding and lending processes.
Looking forward, we will soon be launching a new internet and
mobile banking platform and will be further announcing other
service enhancements in the commercial banking pillar. We will
continue to lead by example in the area of sustainability, through
the provision of attractive green lending and investment products.
Our commitment to the Community also remains at the core of our
operations, through a wide-reaching CSR program. Finally, our
promise is to keep investing heavily in human capital through
extensive learning and development programs, enabling us to retain
and further attract the best talent and continue taking the Bank in
its journey from good to great."
Composition of the new Board
The new Board will be composed as follows:
GORDON CORDINA CHAIRPERSON AND NON-EXECUTIVE DIRECTOR
NICOLA ANGELI NON-EXECUTIVE DIRECTOR
INGRID AZZOPARDI* NON-EXECUTIVE DIRECTOR
CHRISTIAN BONNICI WEST NON-EXECUTIVE DIRECTOR
DIANE BUGEJA NON-EXECUTIVE DIRECTOR
KENNETH FARRUGIA EXECUTIVE DIRECTOR
ANATOLI GRECH EXECUTIVE DIRECTOR
ANITA MANGION NON-EXECUTIVE DIRECTOR
HADRIAN SAMMUT NON-EXECUTIVE DIRECTOR
DEBORAH SCHEMBRI NON-EXECUTIVE DIRECTOR
JONATHAN SPITERI NON-EXECUTIVE DIRECTOR
ROBERT SUBAN NON-EXECUTIVE DIRECTOR
SUE VELLA* NON-EXECUTIVE DIRECTOR
* Subject to regulatory approval and the appointment date shall be
deemed to be the date of receipt of regulatory approval.
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