Bank of Valletta and the Chamber of Engineers renew their collaboration

Bank of Valletta renewed its association agreement with the Chamber of Engineers. The collaborative agreement was signed by Kenneth Farrugia, Chief Business Development Officer at Bank of Valletta and Ing. Norman Zammit, President of the Chamber of Engineers. The signature took place during a joint educational clinic about pensions for the members of the Chamber.

Welcoming the attendees, Mr Farrugia explained, “The bank’s relationship with the Chamber of Engineers has grown from strength to strength over the years. During this time, both parties have collaborated to introduce financial educational initiatives to assist members of the Chamber, take informed financial decisions.” Mr Farrugia highlighted the role that education plays on the bank’s agenda. “In this regard, we are also pleased to announce that as part of this agreement, we shall be introducing the BOV Engineering Student Award, with the aim of encouraging the top engineering students to expose themselves and their projects to international fora, thereby investing in their future.”

Ing. Zammit expressed his satisfaction that the two parties are renewing their collaboration. “In today’s world, engineers are becoming increasingly more involved at managerial levels, not only technical posts, therefore it is even more important that they familiarise themselves with the world of financial markets. In light of this, I believe that the synergy between the bank and the Chamber will lead to greater professional development of the Chamber’s members, which is recognised as important, even at EU level.”

Victoria Azzopardi from EU and Institutional Affairs at Bank of Valletta kicked off the educational clinic by giving an overview of the benefits offered through the BOV Customised Package available to members of the Chamber of Engineers. She also gave insight on the various consumer finance instruments available, so that members can take informed decisions regarding their finances.

Mario Farrugia, Head Bancassurance at Bank of Valletta followed by giving an overview of the current situation on pensions in Malta and the importance of a third pillar pension. “Statistics show that life expectancy is increasing circa eight hours a day “The main aim of this educational clinic,” Mr Farrugia said, “is to raise awareness about the importance of saving for one’s retirement particularly when one considers that life expectancy is increasing on average 8 hours per day. Everyone wants to maintain his/her current lifestyle, however this requires planning beforehand. The private pension schemes offered by Bank of Valletta and MSV Life are intended to help in this regard.

In his concluding remarks, Mark Scicluna Bartoli, Head EU and Institutional Affairs at the bank thanked the engineers for their active participation, and expressed his satisfaction at the high turnout. He reiterated the bank’s commitment to continue investing in broadening and facilitating access to financial information to the general public.