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Malta Development Bank holds first meeting

The bank has €30 million in paid-up capital and €200 million in authorised share capital

12 December 2017, 7:08pm
The Malta Development Bank held its first meeting today, offically marking the start of operations, the Finance Ministry said
The Malta Development Bank held its first meeting today, offically marking the start of operations, the Finance Ministry said
The recently set up Malta Development Bank held its first meeting today, marking the official start of operations of a bank of its kind in Malta, according to the Finance Ministry.

Addressing the board of directors, Minister for Finance Edward Scicluna said that the objective of the Malta Development Bank was mainly addressing market failures by offering financing facilities to support productive and viable operations when the market is unwilling or unable to accommodate them.

The paid-up capital of the Malta Development Bank is €30 million, whilst the authorised share capital is €200 million.

The board is composed of Josef Bonnici as Chairman, and Paul Abela, Rose Azzopardi, Robert Borg, Paul Cardona, Godfrey Grima and Anthony Valvo as Directors. The Bank’s CEO is Rene Saliba.

The Malta Development Bank will be supervised by a specially appointed supervisory board composed of John Cassar White as Chairman,  and Oliver Bonello  (Deputy Governor, Central Bank of Malta), Alfred Camilleri (Permanent Secretary, MFIN),  Chris Cilia and Marianne Scicluna (DG, MFSA) as Directors.