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New USD correspondent banking partnership
27 Jul 2023

Today we announced a new correspondent banking relationship with Citi. The addition of Citi for US Dollar correspondent transactions enhances our current correspondent banking arrangements with other international banks. It will also provide direct access to US Dollar cash clearing services.

Speaking about this collaboration, our CEO Kenneth Farrugia explained how the introduction of this new correspondent banking relationship is yet another milestone in the Bank’s current strategic drive to provide our personal and business customers with the ability to execute international cross-border payments.  This important development is an endorsement of the progress registered by the Bank in strengthening its governance structures and compliance requirements that are meeting the expected standards of major players in the global markets such as Citi.

Mr Farrugia said, “We are thrilled to announce our partnership with Citi, a financial services provider with vast expertise and a global presence. Our objective is to build on this relationship and explore other services as we continually seek ways to expand our capabilities to meet the evolving needs of our customers, who expect speed and accessibility above all else in cross-border financial services.”

In his comments on this service partnership, Mr Emilios Kyriacou, Citi Country Officer for Greece, Cyprus & Malta stated “We are pleased to announce this new partnership which demonstrates our commitment to supporting BOV’s strategy. Our global network, mindset and international expertise ensure we are uniquely positioned to help our clients meet their strategic ambitions”,

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services.

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Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).