Malta-Based Private Bank Aims At Bright Future

Tough economic times can sometimes prove to be the best periods in which to launch a new business when clients are looking to make a fresh start.

That, at least, appears to be part of the reason why Mark Watson, chief executive of Malta-based Mediterranean Bank – which has been recently acquired by a private equity house – is feeling cheerful about the bank’s prospects. This bank, which is targeting international wealthy clients as well as mass affluent customers in Malta’s domestic economy, is aiming to be a significant player not just in the island nation but in other parts of Europe, as well.

“Our natural market is a cross-over between mass affluent and high net worth clients,” Mr Watson, a former veteran of Citigroup, told WealthBriefing when he was interviewed at his firm’s elegant dockside offices in Valletta, the Maltese capital city.

While some financial jurisdictions grab much of the media spotlight, not always for flattering reasons, Malta is quietly gaining momentum as a financial hub, host to dozens of banks, hundreds of hedge funds and a bustling centre for insurance, trusts and sectors such as ship finance. The country joined the European Union in 2004, making it an onshore centre and bringing it under the governance of the EU regulatory regime.

Malta’s EU membership, convenient time zone – just an hour in front of London – English language and UK-influenced legal code, make it an attractive wealth management centre in many respects. The country has had close historical connections with the UK since 19th century – it used to be a UK colony until the early 1970s. The links endure: the island remains a popular tourist destination for people in the UK and the Maltese diaspora has helped keep the island’s profile in view (many Maltese emigrated to English-speaking countries such as the UK, Australia and Canada after WW2).

Source:wealthbriefing.com/