Bank of Valletta (BOV) has entered into a correspondent banking relationship with The Bank of New York Mellon Corporation (BNY Mellon), aimed at improving access to US Dollar markets for its clients.
The arrangement expands BOV’s US Dollar cash clearing capabilities, building on its existing relationship with Citibank. The move is expected to make cross-border transactions in dollars more efficient and reliable for business and individual clients alike.
BOV CEO Kenneth Farrugia said the agreement reflects the bank’s focus on enhancing customer experience. “Working with BNY strengthens our ability to provide clients with efficient and reliable international banking services,” he noted, highlighting improvements in cash clearing, brokerage, and treasury-related services.
Chairperson Gordon Cordina added that establishing the relationship involved meeting strict requirements set by a global institution such as BNY Mellon. He described it as a sign of the bank’s financial standing and international reputation, which has also been recognised by agencies including Fitch Ratings and S&P Global.
This development follows BOV’s recent expansion of its correspondent banking network through new partnerships, including UBS Switzerland. That step extended services in a number of non-Eurozone European currencies, such as the Swiss franc, Danish krone, Polish zloty, Hungarian forint, and Czech koruna.
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Nicole Zammit
When she’s not writing articles at work or poetry at home, you’ll find her taking long walks in the countryside, pumping iron at the gym, caring for her farm animals, or spending quality time with family and friends. In short, she’s always on the go, drawing inspiration from the little things around her, and constantly striving to make the ordinary extraordinary.
