Prime Minister Joseph Muscat yesterday attended the inauguration of the Satabank p.l.c offices. It is said that the bank currently employs some 20 employees, apparently many of which have a Bank of Valletta background.
Mr Georgiev, Chairman of the Board of Directors of Signia Holding, said that Satabank’s strategic objective is to become a leading player in the field of provision of innovative banking services through the use of state of the art technology and alternate delivery channels. He stated that the Bank strives to be different by helping Merchants expand their business, promote their business with the help of its mobile payments Apps and receive their money instantly and spend them as they want and where they want. If these words turn to be true then this bank will turn to be the main competitor of the Bank Of Valletta in the commercial sector. Perhaps this will lead to the banking sector returning to the efficiency level we had some years back.
Mr Georgiev said that one important consideration was Malta’s highly trained and expert workforce with a continuous supply of resources made available from your various high-quality educational institutions coupled with a stable social and economic environment, with a financial services sector which is considered as one of Malta’s flagships of its striving economy and a strong technological and digital framework. I am pretty sure that the bank did its studies however, there is an extreme shortage of resources in the country which needs to be addressed if Malta wants to keep growing in this sector.
Maltawinds has discussed with various corporate services providers the issues that these are currently facing due to the lack of competition in the banking Sector. Bank of Valletta seems to have a monopoly when it comes to international clients since HSBC has withdrawn from this sector and the other banks are too small. Opening a bank account according to some is more difficult in Malta than in London one operator said. It is understood that Sata Bank will tap also into this market and is expected to take a strong share of BOV monopoly.
Photo Credit: DOI – Clifton Fenech