BOV to offer US dollar corresponding services through Western Union

Bank of Valletta is close to announcing full US Dollar clearing services with Western Union, BOV CEO Rick Hunkin announced this afternoon.

Following a press conference on the bank’s financial results for 2020, Hunkin told MaltaToday that the bank had secured an agreement with Western Union to offer corresponding services in US dollars to the bank’s customers.

Raiffeisen had advised BOV that it would stop offering corresponding services to BOV by the end of December 2020.

“Since then, we managed to move that deadline first to the end of March this year and, recently, we postponed the end of services to the end of May,” Hunkin said.

He said that with the new agreement with Western Union coming into force from as early as this week, he did not envisage BOV having any problems providing corresponding services in US dollars to its clients.