THE MALTA DEVELOPMENT BANK CONVENES ITS FIRST MEETING

Reference Number: PR172785, Press Release Issue Date: Dec 12, 2017
 

​The recently set up Malta Development Bank convened its first meeting, hence officially operating as the first bank of its kind in Malta.
 
Addressing the board of directors, Minister for Finance Edward Scicluna said that the objective of the Malta Development Bank is mainly to address market failures by offering financing facilities to support productive and viable operations when the market is unwilling or unable to accommodate them.
 
The paid-up capital of the Malta Development Bank is €30 million, whilst the authorised share capital is €200 million.

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The board is composed of Josef Bonnici as Chairman, and Paul Abela, Rose Azzopardi, Robert Borg, Paul Cardona, Godfrey Grima and Anthony Valvo as Directors. The Bank’s CEO is Rene Saliba.
 
The Malta Development Bank will be supervised by a specially appointed supervisory board composed of John Cassar White as Chairman,  and Oliver Bonello  (Deputy Governor, Central Bank of Malta), Alfred Camilleri (Permanent Secretary, MFIN),  Chris Cilia and Marianne Scicluna (DG, MFSA) as Directors.
 
Photo: MFIN