Banks in Malta
Clients of Dr Kresse International Law Firm and Kresse Corporate LTD for whom we set up companies in Malta, regularly need a banking relationship on the island to process their payment transactions.
Therefore, we are very often asked to support in the process of bank account opening and choosing the right finance partner for our client companies.
Clients who incorporate a company, or re-domicile their existing company to Malta, are required to have a banking presence in Malta. Clients wishing to open a bank account for this purpose can do so with the help of our expert team who are very well-versed with the onboarding process adopted by Maltese Banks.
Malta may be described in this respect as an International Banking Centre, housing over 20 Banks, each of which can sustain domestic funding in the market and provide credit to both local and foreign individuals and companies in Malta.
Some of the primary banks in Malta include:
APS Bank Plc
APS, established in 1910, its majority shareholding is held by the Archdiocese of Malta. It is recognised for its ethical banking tradition and corporate social responsibility, supporting culture, art, and charitable causes.
BNF Bank Plc
BNF opened in 2008 as Banif and, rebranded to BNF in 2017. Its major shareholder, holding over 90%, is JUD Investment Group Ltd, a subsidiary of Al Faisal Holding Group, one of Qatar's largest diversified groups.
Bank of Valletta Plc
BOV resulted from an agreement between the Government of Malta and the Malta Development Corporation in 1974. BOV Group is made up of Bank of Valletta, BOV Asset Management Ltd (BOVAM) and BOV Fund Services (BOVFS). The Government of Malta holds 25% of the BOV shares.
FIMBank Plc
Having commenced operations in 1995, in 2018, all FIMBank shares were transferred to United Gulf Holding Company, a joint stock company incorporated in the Kingdom of Bahrain conducting merchant banking activities through its regional network of subsidiaries and associates.
Lidion Bank Plc
Lidion provides banking services by focussing on digital and technological advertising. Their motto is 'Bank Smarter, Grow Faster' which captures their focus on growing digitally and offering innovative services to their clients.
Lombard Bank Malta Plc
Lombard was founded in 1955 when Lombard North Central (UK) was accepting deposits by Maltese agents, it was then registered as a subsidiary of the latter in 1969.
MeDirect Bank Malta Plc
MeDirect, formerly known as Mediterranean Bank, is considered as the third largest bank in Malta, being a branch of a Pan-European group which is present in Belgium and the Netherlands as well.
Sparkasse Bank Malta Plc
Sparkasse was established in 2000; the bank is fully owned by the Austrian undertaking AVS (Anteilsverwaltungssparkasse Schwaz), whose activities consist in holding and managing its assets, mainly its participation in Sparkasse Schwaz AG, a savings bank established in Austria, and in Sparkasse Bank Malta plc through Sparkasse (Holdings) Malta Limited.
The Depositor Compensation Scheme
All banks mentioned above are part of the Depositor Compensation Scheme, being a rescue fund for depositors of failed banks which are licensed by the Malta Financial Services Authority (MFSA). The Scheme pays compensation to depositors up to a maximum amount of EUR 100,000.
The Onboarding process with a bank
For a personal bank account, the onboarding process being similar across the majority of banks, would among others include documents such as:
- A legal ID Document;
- A residence Permit;
- Utility bill or any other form of proof of address; and
- Payslips, or a contract of employment.
In the case of a business account for a company, the following documentation, amongst others, would be required:
- Company certificate of registration;
- Company's Memorandum and Articles of Association;
- Proof of Company's registered address; and
- Certified ID documents of the company's directors, and beneficiaries.
The bank forms, which need to be filled in, contain a set of further requirements and documents.
Our expertise
Our team experts, being fluent in the dynamics of Maltese banking, will guide our mainly foreign clients swiftly in relation to the somehow tedious process of bank account opening, walking them through the onboarding and due diligence requirements of Maltese Banks.
For more information and clarification, please get in touch with us on [email protected].