BOV CEO lauds Citi partnership as ‘another milestone’ in bid to facilitate cross-border payments

CEO Kenneth Farrugia on Wednesday acknowledged that Bank of Valletta plc’s (BOV) partnership with Citi is a key achievement in the bank’s journey towards allowing customers to execute international cross-border payments.

BOV has recently announced a new correspondent banking relationship with Citi, a 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. It does business in nearly 160 countries and jurisdictions, providing corporations, Governments, investors, institutions, and individuals with a range of financial products and services.

The Maltese bank noted that the addition of Citi for US Dollar correspondent transactions “enhances” it current correspondent banking arrangements with other international banks, and also provides “direct access to US Dollar cash clearing services”.

Speaking about the collaboration, Mr Farrugia explained that it is “yet another milestone” in BOV’s current “strategic drive” to provide customers with the ability to execute international cross-border payments.

He added that this “important development” is an “endorsement of the progress registered by the bank” when it comes to strengthening its governance structures and compliance requirements that are meeting the expected standards of major players in the global markets such as Citi.

“We are thrilled to announce our partnership with Citi, a financial services provider with vast expertise and a global presence,” he said.

“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,” Mr Farrugia remarked.

In his comments about the partnership, 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,” he added.