الوسم: Bank of Valletta
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Bank of Valletta releases its earnings for 2022
Bank of Valletta has today released its earnings for 2022. It reported higher revenues and profits from its operations as it increased its loan book but the net profit was less than last year due to its voluntary payment settlement of the Deiulemar case. Higher interest rates may have also been of great help to…
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Miguel Borg of Bank of Valletta resigns
The corrupt banker who approved the bizarre loan of €36 million to Stewards, Miguel Borg has resigned. Miguel Borg had also sent his reply to me via his personal lawyers. There is something very obvious which I didn’t make it clear in my reporting on Miguel Borg’s role as Chief Risk Officer at BOV and…
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Does BOV own any Credit Suisse and UBS AT1 bonds?
Anyone with a Bloomberg terminal can give me a list of the holders of Credit Suisse’s AT1 bonds? I’d also like to see the same list for the owners of the AT1s by UBS. Bank of Valletta is a bank teetering with scandals and a serious capital-destruction problem. Last year, basically BOV had to issue…
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BOV Chairman on the €36 million Stewards loan: no comment
So, the Labour appointee and Bank of Valletta Chairman Gordon Cordina has no comment to make on BOV’s $36 million loan to Steward. I have sent a number of questions to Gordon Cordina to which he simply replied by saying that the bank can’t discuss the details of private clients. This is the first stint…
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Digging a deeper hole (Miguel Borg Replies)
The corrupt banker at Bank of Valletta, Chief Risk Officer Miguel Borg has sent his reply to my story about him via the bank’s corporate communications desk. However, strangely enough, the reply was signed by the personal lawyer of Miguel Borg and not the bank’s lawyers who are Camilleri Preziosi. Miguel Borg’s lawyer is Stephen…
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The corrupt banker at Bank of Valletta
After years of constant mismanagement and capital destruction, Bank of Valletta was turned into a liquidity provider for Joseph Muscat’s fraudulent and corrupt public projects namely for Electrogas and the Vitals and Steward deals. Bank of Valletta loaned €36 million to Steward and backed the government’s guarantee to Electrogas. In order to conduct this kind…
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Ripping off customers, as usual
Bank of Valletta is run like a government department by political appointees and a board of directors with no skin in the game. Lately, Bank of Valletta has survived by extracting value from its shareholders and after botching the Deiulemar case, Bank of Valletta is burning even more of its capital simply to add to…
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Who knew? Maltese run equity funds underperform badly
So, after having looked at Maltese government bonds, I decided to take a quick look at what’s available in the local market in terms of funds. Maltese government bonds are usually oversubscribed and local investors love them, so I checked whether Malta has some locally owned hedge funds or mutual funds. And boy, what a…