There are probably not enough banks with the diversity of experience and ‘appetite’ for the kind of business and financial activities, especially international, that Malta was seeing, the chairman of the Malta Banking Association Marcel Cassar told the Times of Malta.
The MBA recently issued a statement saying that the island’s reputation was being damaged by financial institutions failing to live up to their regulatory requirements, referring specifically to the freeze on Satabank’s assets.
However, its stance was more prudent when it came to calls for Satabank’s clients to open accounts in other banks.
The MBA said that while it could not adopt a collective position on behalf of its members or direct them in any particular way, since each bank had its specific business model, risk appetite and customer acceptance policies and criteria, there was a firm resolve to support the smooth functioning of the economy and the integrity of the financial system.
However, company service providers have lamented to the Times of Malta that one of the problems was that other banks had shut the door in their clients’ faces – leaving Satabank as the only one to welcome their custom.
“If banks…