Horst WickinghoffThis article continues to be one of the most popular resources for our readers, so we are highlighting it again today with updated context. Please be aware that opening a bank account in Malta—regardless of the institution you choose—takes time. Regulatory requirements and compliance standards are becoming increasingly stringent. For this reason, it is essential to ensure your Malta Limited is structured correctly from day one.
Every client who incorporates a Malta Limited with DW&P Dr. Werner & Partners will eventually require a bank account to handle the company's payment transactions. However, it is not strictly necessary to open this account in Malta. We have several clients who maintain their banking relationships with international institutions outside the country. That said, if a Maltese bank account is preferred, our banking team assists clients by preparing the necessary documentation and guiding them through communication with the bank.
Below is an overview of the banks currently available in Malta. The following descriptions are not intended as a formal rating but rather reflect our practical experience with these institutions.
General Context
Following a significant influx of foreign companies and the subsequent demand for international talent, Malta has experienced substantial economic expansion. This growth has naturally driven demand for local banking services to support the opportunities emerging within the financial sector.
Malta is recognised as an international banking centre, holding its own against other Mediterranean jurisdictions. There are currently more than 20 active banks on the island. Each is capable of providing domestic market financing and credit facilities for both local and foreign individuals and companies.
There is a clear distinction between local retail banks, which offer a broad range of financial services to corporate and private clients, and internationally oriented, specialised foreign banks established in Malta that have limited interaction with the local economy. Below is a list of banks currently operating in Malta:
Agri Bank, AKBANK, APS Bank, BOV (Bank of Valletta), BNF Bank, Commonwealth Bank, Credit Europe Bank, Credorax, ECCM Bank plc, Ferratum, FCM Bank, FIMBANK, HSBC, IIG Bank (Malta) Ltd, Izola Bank, LOMBARD, MeDirect, Merkanti Bank, NBG BANK MALTA, Novum Bank, Sparkasse Bank Malta plc, Garanti BBVA, YapiKredi.
Individuals looking to set up a business in Malta will find that the services offered by local financial institutions cater well to both personal and commercial needs. Many local banks provide a comfortable and comprehensive banking experience through a wide range of products, services, and expertise. Services for private and corporate clients range from current accounts, savings accounts, and fixed-term deposits to overdraft facilities, debit/credit cards, trade finance, foreign currency accounts, foreign exchange services, direct loans, internet banking, bank drafts, chequebooks, and ATMs.
Below you will find more detailed information on the major local banks that offer tailored services for individuals wishing to open either a personal or corporate account:
Bank of Valletta p.l.c. – Malta’s Largest Bank
Bank of Valletta p.l.c. (BOV) is a public limited company regulated by the MFSA and licensed to provide banking and investment services under the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap. 370 of the Laws of Malta). BOV was formed in 1974 following an agreement between the Maltese Government and the Malta Development Corporation.
The Bank's financial services are offered through a network of 36 branches, 1 agency, and 4 agencies across Malta and Gozo, as well as through a number of subsidiaries. It has also built a worldwide network of correspondent banks and maintains representative offices in the UK (London), Brussels (Belgium), Italy (Milan), and Libya (Tripoli). Through these networks, the Bank has established the necessary infrastructure to support its clients in international banking and trade.
The Bank of Valletta Group (the Group) consists of Bank of Valletta p.l.c. (the Bank) and two subsidiaries: BOV Asset Management Limited (BOVAM) and BOV Fund Services Limited (BOVFS). The Group also has two equity-accounted associated companies: MAPFRE Middlesea p.l.c. and MAPFRE MSV Life p.l.c. The Group's principal activities are outlined below.
The Group provides banking, financial, and investment services and related activities in the Maltese domestic market. The Bank's core activities include:
- Receipt and acceptance of customer funds for deposit into current, savings, and fixed-term accounts, which may be denominated in Euro and other major currencies.
- Provision of credit and loans to a wide spectrum of clients.
- Provision of investment services, covering a comprehensive range of investment products and services that meet client needs throughout their lifecycle, including securities trading, advisory, and discretionary portfolio management services.
- The Group also offers a range of other services, including bancassurance, corporate advisory, fund management, fund administration, and other services such as 24-hour internet banking, issuance of major credit cards, night safe facilities, ATMs, foreign exchange transactions, and local and international transfers.
HSBC Bank Malta p.l.c. – The Most International Bank in Malta
HSBC Bank Malta p.l.c. was originally registered in Malta as Mid-Med Bank Limited. The Bank's ordinary shares have been listed on the Official List of the Malta Stock Exchange since 1993.
In 1997, the Bank's status was changed to a public limited company. That same year, it changed its name to Mid-Med Bank p.l.c. In 1999, the Bank changed its name again to become HSBC Bank Malta p.l.c. The Bank offers a comprehensive range of financial services, including Retail Banking and Wealth Management, Commercial Banking, and Global Banking and Markets. Through a number of specialised subsidiaries, the Bank is also active in life assurance and fund management, as detailed below:
- HSBC Life Assurance (Malta) Limited – A company authorised by the Malta Financial Services Authority to carry on insurance business in Malta under the Insurance Business Act, 1998. A range of protection and investment life assurance products are distributed primarily through HSBC Bank Malta p.l.c., which is enrolled as a tied insurance intermediary under the Insurance Intermediaries Act, 2006.
- HSBC Global Asset Management (Malta) Limited – A company managing numerous funds active in both Maltese and international financial markets. It is the distributor for the HSBC Global Asset Management fund range and also specialises in providing bespoke discretionary portfolio management services for institutions and family offices.
BNF Bank p.l.c. – The Third Force in Malta
BNF Bank p.l.c., formerly known as Banif Bank (Malta) p.l.c., has been operating in Malta since 2008 and has developed into a key player in the Maltese banking sector.
Through its network of twelve retail branches distributed across the Maltese Islands, a Corporate and Business Banking Centre, and a local trading room, BNF Bank p.l.c. offers a highly personalised service to private and business customers.
With a 92.4% stake, JUD Investment Group Ltd is the majority shareholder of BNF Bank. This is a subsidiary of Al Faisal Holding Group, one of Qatar's largest private diversified groups. The remaining 7.6% of shares are held by four Maltese shareholders: PG Holdings Ltd, Virtu Investments Ltd, Sak Ltd, and Mizzi Capital Projects.
In October 2017, they launched their new brand identity: BNF Bank—a brand reflecting their revitalised vision to increase market share, take the bank across new frontiers, and build a strong future.
Lombard Bank Malta p.l.c.
Lombard Bank dates back to 1955, when Lombard North Central of the UK was active in Malta accepting deposits through agents. In 1969, Lombard Bank (Malta) Limited was registered as a wholly-owned subsidiary of Lombard North Central p.l.c.
Today, Lombard Bank Malta p.l.c. is listed on the Malta Stock Exchange and is licensed and regulated by the Malta Financial Services Authority (MFSA) as a credit institution and investment services provider. The Bank is an authorised foreign exchange dealer and a financial intermediary on the Malta Stock Exchange, as well as a member of the Depositor Compensation Scheme and the Investor Compensation Scheme.
Lombard Bank focuses on corporate and private banking while developing a personalised and tailored service. It offers the full range of traditional retail and commercial banking services, including home loans, deposit accounts, credit and debit cards, trade finance, and wealth management.
APS Bank p.l.c.
APS Bank is a Maltese bank established in 1910, with the majority of its shares held by the Archdiocese of Malta and the Diocese of Gozo.
They offer a full suite of personal banking services, including savings accounts, home loans, and personal loans, while also serving corporate clients with comprehensive banking services. The Bank also provides Wealth Management Services, holding an Investment Services Firm license and being registered as a Tied Insurance Intermediary. These Wealth Management Services offer access to a selected range of products linked to APS Funds SICAV p.l.c. and other third-party product providers.
The Bank was incorporated as a private limited liability company in 1970 and was granted a commercial banking license in 1990. Since then, operations have expanded significantly, and today the Bank employs over 400 staff working from a modern head office in Birkirkara (Swatar) and eleven branches across Malta and Gozo.
APS Bank is known for its ethical banking tradition and exemplary Corporate Social Responsibility practices, supporting Maltese culture, art, and various charitable causes.
MeDirect Bank (Malta) p.l.c.
MeDirect Bank Malta p.l.c., formerly known as Mediterranean Bank, is now considered Malta's third-largest bank with equity of around €170 million and is supervised by the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA). MeDirect's headquarters are in Sliema, with another branch in Victoria, Gozo.
MeDirect Bank Malta p.l.c. focuses primarily on savings, investments, and wealth management for both private and corporate clients. MeDirect SA/NV, a subsidiary of MeDirect Bank Malta p.l.c., is based in Belgium and offers online investment opportunities and other savings products to retail investors.
Conclusion
All the banks mentioned take their compliance obligations very seriously. This means they conduct thorough due diligence on all directors and shareholders. We are not just talking about a careful review of submitted paperwork, but also extensive background checks within internal banking systems.
If you are considering incorporating a company in Malta and engaging DW&P Dr. Werner & Partners for this process, you can be assured that we are fully up to speed with the banking options in Malta and actively support our clients in selecting the right bank. Guiding you through the account opening process is a core element of our company formation service package.
Note regarding a previous version of this article: In an earlier version of this post, "Nemea Bank" was listed as another option. This bank no longer exists. It lost its license in 2017 and is therefore no longer available. This serves as a reminder that banking supervision in Malta is rigorous in ensuring all regulations for a banking license are met.
