Setting up a Bank in Malta

Transcription

Setting up
a Bank in
Malta
March 2013
Why Malta ?
Overview of the Maltese economy
 Malta became the smallest member
state of the EU in May 2004 and
joined the eurozone in January 2008.
 The Maltese economy has remained
resilient and achieved positive growth
rates in the wake of the global financial
crisis and the EU sovereign debt crisis.
 Malta has one of the best e-
government services within the EU
and there is strong government drive
to promote the financial services
sector.
 English, a joint official language with
Maltese, is universally spoken and
written and is the principle language
of education and business. Many
Maltese are fluent in Italian, and may
also speak German and French
French.
 The Maltese have a very high regard
for education and some 60% of
students remain in education to
tertiary level.
 Malta’s main trading partners are the
United Kingdom, Germany, Italy and
France.
 According to the latest European
Commission economic forecasts, the
Maltese economy is expected to grow
by 1.5% and 2% in 2013 and 2014
respectively, while inflation is projected
to stabilise at 2.2% and the
unemployment rate to remain low, at
just over 6%.
 Important economic sectors are
tourism, electronics
tourism
electronics, pharmaceuticals
pharmaceuticals,
remote gaming, ICT and Financial
Services.
 Malta is increasingly being viewed
as an alternative to Luxembourg
and Ireland, especially in the field
of insurance, funds and investment
services
 The financial services sector currently
contributes about 15% to GDP and is
targeted to contribute around 25% of
GDP by 2015.
© 2013 KPMG, a Maltese civil partnership and a member firm of the KPMG network of independent member firms affiliated
with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
2
Why Malta?
Factors contributing to Malta’s competitive advantage
 Flexible, legal and regulatory environment with a legislative
 Maltese standard time is one hour ahead of Greenwich
framework in line with EU Directives. Malta is fundamentally
a civil law jurisdiction,
jurisdiction however business legislation is
principally based upon English law principles
Mean Time (GMT) and six hours ahead of US Eastern
Standard Time (EST) so business runs smoothly with
the international community
 With an excellent infrastructure , Malta may boast of more
than 16 years of offering cross-border financial services
 Malta boasts a high level of education with graduates
representing a cross-section of the various disciplines
related to financial services. Specific training in financial
services is offered at various post
post-secondary
secondary and tertiary
education levels. The accounting profession is wellestablished on the island. Accountants are either university
graduates or in possession of a certified accountant
qualification (ACA/ACCA)
 No restrictions on the granting of work permits for EU and
 An ever-growing supply of high-quality office space for
rent at cheaper
p p
prices than Western Europe
p
 Malta’s development as an international financial centre
is reflected in the range of financial services available.
Complementing the traditional retail functions, banks are
increasingly offering private and investment banking,
project finance, treasury services and syndicated loans.
Malta also hosts a number of institutions specializing in
trade-related products such as structured trade finance,
factoring and forfeiting.
forfeiting Major international accountancy
firms, including the Big 4 firms, are present on the island
EEA nationals
 International Financial Reporting Standards entrenched
 A very competitive
titi
t
tax
regime,
i
also
l
f expatriates
for
ti t
and
d
extensive and growing, double taxation treaty network
 A flexible and proactive regulator that is very approachable
and business-minded
in company
p y legislation
g
and applicable
pp
since 1997,, so no
local GAAP requirements to deal with
 Most audit and legal firms form part of international legal
networks; with many practitioners pursuing training and
studies overseas
3
Global Competitiveness Index 2012-2013 rankings
How Malta scored
 The World Economic Forum
Forum’s
s Centre for Global
Competitiveness and Performance through its
Global Competitiveness Report and report
series, aims to mirror the business operating
environment and competitiveness of over 140
economies worldwide. The Report identifies
advantages as well as impediments to national
growth thereby offering a unique benchmarking
tool to the public and private sectors as well as
academia and civil society.
y
 The Report provides an analysis of their
strengths and weaknesses related to national
competitiveness using the Global
Competitiveness Index as the main
methodology. Competitiveness is defined as
“the set of institutions, policies, and factors
that determine the level of productivity of a
country” and is gauged on 12 pillars.
 With Switzerland topping the overall rankings
rankings,
th
th
Malta is ranked 47 overall, 15 in terms of
financial market development and 21st in terms
of technological readiness.
Source: GCI Report, 2012-2013
4
The integrated approach of the Malta Financial Services Authority (MFSA)
The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta and regulates
banking, insurance, pensions and investment services (securities) business. The MFSA adopts a firm but flexible
approach to regulation.
regulation
 The licensing process is personalised
 Regulation is business-friendly and mindful of
Co-ordinates the development of cross-sector policy
initiatives and enables the MFSA to address market
and regulatory developments as they arise
Supervision Units
are responsible for
the post-licensing
ongoing supervision
of the regulated
entities in their
respective area
business needs
 Business oriented and hence mindful of
Regulatory Development
transposing all potentially beneficial
discretionary clauses in EU Directives
 The regulator is extremely conscious of
reputational risk
 Supervision is risk based and minimally
intrusive
Insurance &
Pensions
S
Supervision
i i
Banking
Supervision
p
Securities &
Markets
S
Supervision
i i
 Several institutions in Malta choose to target
“niche” segments of the market
 The MFSA is open to new business models
 As from 2010 the MFSA has adopted a Single
Regulator ‘Integrated’ Approach which includes
a single Authorisation Unit, Specialist
S
Supervision
i i U
Units
it and
daR
Regulatory
l t
Development Unit
Authorisation
Receives and p
processes all applications
pp
for authorisations to
conduct regulated financial services in Malta
5
Taxation in Malta
Corporate taxation – general issues
A Maltese licensed financial services institution carrying out international operations from Malta may benefit from
Malta’s beneficial tax system
 Malta has a full imputation tax system which completely eliminates the economic double taxation of company profits.
Shareholders in receipt of dividends are entitled to a tax credit equal to the tax borne on the profits out of which the dividends
are paid. Since the tax rate of 35% applicable to companies is also the highest tax rate in Malta, shareholders will not suffer
any additional tax on the receipt of dividends.
 In support of Malta’s drive to eliminate economic double taxation, ever since 1994 Malta has adopted a system of tax refunds
to shareholders, upon a distribution of dividends. Various refunds are available which may reduce the effective tax rate on
profits distributed by Maltese resident companies to between nil and 6.25%.
 The tax refund system, vetted by the EU Commission, extends to both resident and non-resident shareholders, and applies to
all profits derived from local and foreign sources with the exclusion of profits derived directly or indirectly from immovable
property situated in Malta.
Participation Exemption
Transfer Pricing
Value Added Tax (VAT) implications
A participation exemption with
respectt to
t income
i
derived
d i d ffrom
qualifying equity holdings is
available.
There are no transfer pricing rules in Malta.
No Capital Gains
Thin Capitalisation
The transfer of shares in a
resident company by a nonresident is exempt from tax,
provided there are no interests
in immovable
o ab e p
property
ope ty ssituated
tuated
in Malta.
There are no thin capitalisation rules in
Malta.
Malta operates a value added tax (VAT)
system
t
based
b
d on th
the EU VAT Di
Directive.
ti
Under Maltese VAT law, supplies made by
collective investment schemes as well as
by their managers and administrators are
deemed exempt without credit. This
means that no VAT is chargeable thereby,
whereas any VAT chargeable thereto by
other service providers (such as
accountants, auditors, lawyers) will be
absorbed thereby.
Controlled Foreign Company (CFC)
rules
There are no CFC rules in Malta.
6
Taxation in Malta
Corporate taxation – the tax refund system
Upon a distribution of profits by a company registered in Malta (i.e. a company resident in Malta or a non-resident company which has a
Maltese branch), its shareholders are entitled to claim the following tax refunds of the Malta tax charge of the distributing company:
 The general rule is that the tax refund is 6/7ths of the Malta tax charge of the distributing company.
company The tax refund is generally 30%
(6/7ths of 35%) of taxable profits and where no double taxation relief (‘DTR’) has been claimed, the effective tax in Malta on distributed
profits will generally be 5%. Thus where foreign taxes suffered are 5% or more, the effective Malta tax suffered after tax refunds is nil;
 On certain foreign source income, where double taxation relief has been claimed, the Malta tax suffered will generally be as follows:
1 Where foreign taxes are less than 11.67%,
1.
11 67% the Malta tax suffered will be between 2.49%
2 49% and 6.25%;
6 25%;
2. Where foreign taxes are 11.67% or more, the Malta tax suffered is nil.
No DTR
With DTR
Revenue
1000
1000
Operating Expenses
(200)
(200)
Tax Depreciation including intangibles
(200)
(200)
Royalty Expenses
(200)
(200)
Interest Expense
(300)
(300)
Taxable Profit
100
100
Tax at 35%
35
35
Relief for foreign tax
(5)
35
30
(30)
(30)
Tax suffered in Malta
5
0
% Tax suffered in Malta
5.0%
0.0%
6/7ths tax refund
7
Taxation in Malta
Personal taxation
Highly Qualified Expatriates working in Financial Services may benefit from a flat rate tax of 15%, in terms of
the Highly Qualified Persons Rules, 2011 ... The 15% flat rate is imposed up to a maximum income of
€5 000 000 over which the remaining amount is exempt from tax.
€5,000,000
tax This rate applies for a maximum consecutive
period of five years for EEA and Swiss nationals and for a maximum consecutive period of four years for third
country nationals
In order to accede to this beneficial tax rate, the individual must be employed by a company licensed and/or recognised by the
MFSA and must hold an eligible office. An ‘eligible office’ is an employment in one of the following posts:
 CEO, CRO, CFO, COO, CTO;
 Portfolio Manager, CIO, Senior Trader or Trader, Senior Analyst, Actuarial Professional, Chief Underwriting Officer, Chief
Insurance Technical Officer;
 Head of Marketing, Head of Investor Relations.
In order to be eligible for the reduced rate of 15%, an expatriate must satisfy the following conditions:
Minimum employment income of €75,000 (excluding value of fringe benefits) from holding eligible office
Employment contract in terms of Maltese law and relating to the exercise of genuine and effective work for the
employer
Possession of professional qualifications proven to MFSA’s
MFSA s satisfaction
MFSA is satisfied that the individual performs activities of an eligible office
MFSA is satisfied that the expatriate: (i) receives sufficient stable and regular resources; (ii) resides in a
p
accommodation meeting
gg
general health and safety
y standards; ((iii)) p
possesses a valid travel
“comparable”
document; (iv) possesses sickness insurance; and (v) is not domiciled in Malta.
8
Banking in Malta
General rules governing the establishment of a bank
in Malta
Setup of Banks physically operating in Malta
A Bank may operate in Malta as:


For an entity to be licensed as a bank or credit institution in
Malta, the entity must have the intention to take deposits
from the public
The meaning of the word “public” should not be interpreted
to mean only Maltese residents. Some banks are set up to
provide services only to non-Maltese residents

A bank may be set up as a private or public limited liability
company

A bank must have a minimum issued share capital of EUR
5 000 000
5,000,000

It would be licensed to carry out the business of Banking in
terms of the Banking Act

The bank is to abide b
by the ongoing obligations of the
Banking Act and the subsidiary legislation thereunder

A Maltese bank is supervised on an ongoing basis by the
Malta Financial Services Authority (MFSA)

A Bank licensed in Malta by the MFSA

An EU bank (credit institution) exercising its right to
passport into Malta and establishing a branch

A non-EU licensed bank establishing a branch of the same
bank in Malta

A representative office of a bank licensed in another
jurisdiction
9
Background and general information on banks operating in Malta
Banking in Malta has a rich history with roots that
can be traced back to at least the earliest decades of
th nineteenth
the
i t
th century
t
when
h th
the fi
firstt b
banking
ki
institutions were established.
The founding
g tradition of banking
g in Malta is
fundamentally British in view of the fact that Malta is
a former British colony. This affinity with British
standards in banking was broken during the 1970s
when the larger banks in Malta were nationalised.
As at March 2013, there were 26 credit
institutions licensed to operate in and/or from
M lt as shown
Malta,
h
iin th
the ttable
bl on th
the nextt page.
The most recent entrants to the scene are IIG
Bank (Malta) Ltd, Deutsche Bank (Malta) Limited
and FCM Bank Limited, which were granted a
banking licence by the MFSA in 2010 and
AgriBank plc and Ferratum Bank (Malta) Limited
which were granted a licence in 2012.
The range of banking activities varies
significantly
i ifi
l and
d iin this
hi respect, the
h C
Centrall B
Bank
k
of Malta classifies these banks into three
categories:
Core domestic banks ((banks which have a
widespread branch network, provide a full
spectrum of banking services and are core
providers of credit and deposit services in Malta);
Non-core domestic banks (banks which play a
more restricted role in the economy, as the
volume of operations and the banking services
they offer to residents are somewhat limited; and
IInternational
t
ti
l banks
b k (banks
(b k which
hi h h
have virtually
i t ll
no links with the domestic economy).
10
Licensed credit institutions in Malta
AgriBank plc
IIG Bank (Malta) Ltd
Akbank T.A.S.
TA S
Investkredit International Bank plc
APS Bank Limited
Izola Bank Limited
Banif Bank (Malta) plc
Lombard Bank Malta plc
Bank of Valletta plc
Mediterranean Bank plc
BAWAG Malta Bank Ltd
NBG Bank Malta Limited
CommBank Europe Limited
Nemea Bank Ltd
Deutsche Bank (Malta) Limited
Raiffeisen Malta Bank plc
Erste Bank (Malta) Limited
Saadgroup Bank Europe Limited (SBEL)
FCM Bank Limited
Sparkasse Bank Malta plc
Ferratum Bank (Malta) Limited
Turkiye Garanti Bankasi A S
FIMBank plc
VoiceCash Bank Limited
HSBC Bank Malta plc
Volksbank Malta Limited
Non-EU Banks’ Branches
Akbank T.A.S (Turkish)
Turkiye Garanti Bankasi A S
(T ki h)
(Turkish)
11
Authorised credit institutions – jurisdictional origins
HSBC Bank
Malta plc
Bank of
Valletta plc
Bawag Malta
Bank Ltd
AgriBank plc
Banif Bank
(Malta) plc
Lombard Bank
Malta plc
Volksbank
Malta Ltd
Deutsche
Bank
(Malta) Limited
Ferratum Bank
(Malta) Ltd
Nemea Bank Ltd
(PE fund)
Mediterranean
Bank plc
APS Bank Ltd
Raiffeisen Malta
Bank plc
FCM Bank
Malta Ltd
Turkiye Garanti
Bankasi AS
(branch)
Erste Bank
((Malta)) Limited
(PE fund)
FIMBank plc
VoiceCash
Bank Limited
IIG Bank
(Malta) Ltd
CommBank
Europe Ltd
Sparkasse Bank
Malta plc
Saadgroup Bank
Europe Ltd
Investkredit
International
Bank plc
Akbank TAS
(branch)
NBG Bank
Malta Ltd
Izola Bank
Limited
12
Financial Soundness of the Banking Sector
In a survey of business opinion carried out
for the World Economic Forum in 2012
Malta’s
Malta
s banking system was ranked the
13th soundest in the world.
The aggregate solvency ratio of the Maltese
banking system is very high
high. This figure is
to an extent influenced by the presence of
some heavily capitalised banks.
The liquidity position of the banking sector
was broadly unaffected by the recent
financial turmoil, given the low reliance of
Maltese banks on interbank funding and
their high dependence on retail deposits.
Regular stress tests undertaken by the
Central Bank of Malta continued to confirm
resilience to hypothetical adverse
scenarios.
Financial Soundness Indicators – Total Banks
(Percentages)
2010
2011
2012*
Regulatory capital to risk-weighted
assets (CAR)
57.72
56.78
54.36
Regulatory Tier 1 capital to riskweighted assets (CCAR)
55.14
54.22
51.94
Non-performing loans net of provisions
to capital
12.66
6.76
7.58
Non-performing loans to total gross
loans
2.58
3.25
3.47
Return on assets (ROA)
1.80
1.12
1.11
R
Return
on equity
i (ROE)
11 80
11.80
5 08
5.08
5 37
5.37
Interest margin to gross income
49.81
79.11
88.28
Liquid assets to total assets
16.46
16.11
16.96
Liquid assets to short-term liabilities
47.53
49.59
53.43
* As at June 2012
Source: Central Bank of Malta Financial Stability Report Update, 2012
The Table provides a snapshot of key
Financial Soundness Indicators (FSIs).
13
Key banking indicators Malta – EU (June 2012)
Ratio
Malta (All Banks)
EU Domestic Banks
Cost-to-income ratio (% of total income)
25.50%
62.02%
Total loans and advances (% of total assets)
63.13%
56.12%
Financial assets held-for-trading (% of total assets)
1.55%
17.45%
A-F-S financial assets (% of total assets)
22.70%
4.34%
Tangible equity/Tangible total assets
18.55%
4.41%
Overall Solvency Ratio
51.55%
14.11%
Tier 1 Ratio
49.22%
11.49%
Return on equity
5.73%
2.65%
Return on Assets
1.07%
0.13%
Source: European Central Bank (ECB) Consolidated Banking Data (June 2012)
Note: figures may not necessarily tally precisely with those reproduced in the previous slide due to data revisions
14
Financial Soundness of the Banking Sector
“The existence of a sound regulatory
g
y system,
y
, effective risk
management practices and prudent lending policies have
combined to minimise the banks’ exposure to bad or dubiouslyvalued assets. Investment portfolios are in fact highly
diversified, with minimal holdings of asset-backed securities,
while the domestically-oriented banks’ measured approach to
credit is reflected in loan-to-deposit and residential loan-to-value
ratios that average around 79% and 73%, respectively.”
The Challenges facing Malta's Banking System - Speech by
Michael C. Bonello, Governor, Central Bank of Malta at the
Second Annual Conference of Finance Malta, 2009
“Banks have so far withstood the global financial turmoil
relatively well, as they were protected by their limited
exposure to structured products,
products a traditional retail funding
model, and a conservative lending policies. Credit has proven
resilient, and no government intervention to shore up capital
or liquidity has been necessary ... The Executive Directors
noted that past efforts at fiscal consolidation and export
diversification toward high-value-added services activities in
tthe
e run-up
u up to eu
euro
o adopt
adoption
o had
ad increased
c eased tthe
e resilience
es e ce o
of tthe
e
Maltese economy ... Directors observed that the banking
sector has weathered the global crisis relatively well and that
capital ratios remain adequate.”
IMF Executive Board, Article IV Consultation Staff Report,
September 2009
15
The local banking legislative and regulatory framework
Banking Act, 1994
Ch. 371 of the Laws of Malta
Supplemented by
Regulations issued under the Act
Banking Rules issued by the MFSA
16
Setting up a banking operation in Malta
The application and licensing process
Phase One
Phase Two
Preparatory
Licence Application
 Initial meeting
g with the MFSA
Authorisation Unit
 Communication of the applicant’s
intended activities to the regulator
 Preliminary indication by the
regulator to move to the second
stage
 Submission of documents in draft form
to the MFSA Authorisation Unit
 Fit and proper tests carried out by
MFSA on the applicant
 MFSA feedback on documents
Phase Three
Post Licensing &
Pre Commencement of
Business
 Applicant
pp
to satisfy
y all p
post
licensing matters prior to formal
commencement of business
 Ongoing supervision by the
Banking Supervision Unit
 Provision of replies to MFSA queries
by applicant
 Completion of review of the application
and all documents to the satisfaction
of the MFSA
 MFSA will issue its ‘in principle’
approval subject to licence conditions
 Applicant to finalize all outstanding
matters and submit full application in
final format
 Registration of company establishing
the institution requesting a licence
 Issuing of official licence
17
Application process
Criteria for licensing a bank in Malta in terms of the Banking Act
 Minimum amount of Own Funds – EUR 5,000,000.
 Minimum of 2 individuals effectively directing the business (“four eyes principle”).
 “Fit and Proper” Test - Persons directing the business and all shareholders holding more then 10% in the Bank’s equity
are subject to extensive due diligence checks.
checks
Application Documents
 Form 1 – of Banking Rule 01 (BR/01) – Application For Authority To Carry Out The Business Of Banking In or From
Malta.
 Form 2 – of BR/01 – Questionnaire for Institutional Shareholders.
 Form 3 – of BR/01 - Personal Questionnaire for individuals who are,
are or are proposing to become Directors,
Directors Controllers
or Managers.
 A Business plan covering the first 3 years of operations, including three year financial projections and projected
regulatory ratios.
 Audited financial statements of the parent institution .
 Memorandum and Articles of Association of the parent undertaking (if applicable) .
 Draft Memorandum and Articles of Association of the proposed bank .
 Details of the operations of the parent institution/entity.
 Internet and Electronic Banking Questionnaire as part of BR/01(if required).
18
Ongoing obligations – Depositor Compensation Scheme
Introduction
The Depositor Compensation Scheme is a rescue fund of failed banks which are licensed by the MFSA. Every credit
institution which is licensed in Malta under the Banking Act to accept deposits from depositors held in any designated
currency shall participate in and contribute to the Scheme.
Contributions
When a credit institution becomes a participant in the Scheme its obligations include that it shall pay contributions and
establish a Reserve. The contributions payable under the Scheme are the following:
 Initial Contribution;
 Supplementary
S pplementar Contribution;
Contrib tion and
 Special Contribution
Initial contribution
The initial contribution shall be paid within 30 days from the date when the credit institution shall become liable to
participate in and contribute to the Scheme. The amount per participant shall be €23,300 per participant
Supplementary contribution
In every calendar the accumulated supplementary contributions for each participant shall be equivalent to the value arrived
at by multiplying the amount of the eligible deposits as at the end of the year immediately preceding the year of
assessment with the percentage rate that is applicable to the year of assessment in accordance with the following
sequence:
19
Ongoing obligations – Depositor Compensation Scheme
Year of Assessment
Percentage applied
2012
0 133%
0.133%
2013
0.166%
2014
0.2%
Special contribution
Every participant shall establish a Depositor Compensation Scheme Reserve for the payment of its Special Contribution.
y
of assessment,, the Reserve of each participant
p
p
shall consist of funds,, the accumulated value of which shall
In everyy year
be not less than the value arrived at by multiplying the amount of the eligible deposits of that participant as at the end of the
year immediately preceding the year of assessment with the percentage rate of 0.67%. Funds in the Reserve shall be held
by the credit institution at all times in admissible assets, and shall be pledged in favour of the Depositor Compensation
Scheme in guarantee of the participants’ liabilities
Year of Assessment
Percentage applied
2012
0.713%
2013
0.757%
2014
0.8%
20
European Passporting rights
Maltese licensed financial services institutions may exercise the right to passport to other EU and EEA states either by
way of the freedom of establishment in another member state or via the freedom to provide services
Passporting under freedom of establishment (establishment of a branch)
 The Maltese financial services institution intending to establish a branch outside Malta shall give the MFSA notice of its intention
to do so. Together with this notice, the applicant must also submit a business plan in the form of a ‘Programme of Operations’
outlining its intended corporate and commercial strategies, organisational structure, systems and controls, and details of any tied
agents. A financial forecast statement for profit and loss and cash flow (both over a 12-month period) must also be submitted.
 The MFSA is to give notice to the foreign regulator of the institution’s desire to passport within 3 months of receiving the original
request from the institution.
 The Maltese financial services institution may commence activity in the other jurisdiction either upon receipt of notice from the
regulatory authority in the other jurisdiction of the applicable provisions by which the branch must abide; or after the elapse of
two months from the date on which the MFSA has given its consent notice to the regulator in the other jurisdiction and there has
been no receipt of any communication from the European regulatory authority.
The institution is to abide with the regulatory
g
y requirements
q
of the countryy in which it is establishing
g the branch.
Passporting under freedom of services (provision of services)
 The Maltese financial services institution intending to provide services outside Malta shall give the MFSA a notice of intention.
 The MFSA is to give notice to the foreign regulator of the institution’s desire to passport within 1 month of receiving the original
request from the institution.
 The institution may commence services on receiving the consent notice from the MFSA and shall abide by any general good
provisions the foreign authority may stipulate thereof.
21
Fees
An application fee is payable to the MFSA on submission of the final application. Upon the successful completion of the
application process a one time licensing fee is to be paid.
An annual fee is payable if and when a licence is issued and on every subsequent anniversary thereafter. The supervision
fee is equivalent to 0.000175 of the institution’s deposit liabilities as reported at the end of the year preceding year
immediately before the year in which the fee is payable. Fees are also payable annually to the Registrar of Companies.
Application Fee
Licensing Fee
Supervision Fee
E
Euro
E
Euro
E
Euro
12,500
18,000
0.000175 of deposit liabilities
21,250 (minimum)
Company Registration Fee
Company Annual Return
Fee
Euro
Euro
2,250 (maximum)
1,400 (maximum)
Public and Private Limited
Companies
22
KPMG’s Financial Services Industry Focus
KPMG is a leader in providing professional services to
the financial services industry worldwide. In fact,
fi
financial
i l services
i
i KPMG’s
is
KPMG’ largest
l
t line
li
off business.
b i
Locally KPMG is a leader in providing audit, tax and
advisory services to entities in the financial services
sector. KPMG’s client base includes a high proportion
of Maltese public interest entities ((comprising
g listed
companies, banks, and insurance companies)
Audit Services to Local Banks
KPMG has a dedicated Risk Consulting advisory team,
led by Juanita Bencini, and a financial services audit
team with specialised expertise in the banking sector,
sector
led by Noel Mizzi. This means that our people have
extensive day-to-day exposure to all areas of the
banking
industry
and
engage
in
constant
communication with the Regulator. Our Risk Consulting
advisory team has assisted ten of the present
complement of banks to set up in Malta. The graphs
below illustrate KPMG’s share of the market split
between audit services and total services in July 2012
Audit, Tax and Advisory Services to Local
Banks
4%
17%
21%
33%
KPMG
Other
KPMG
PwC
Deloitte
25%
Ernst & Young
21%
BDO
79%
23
Key contacts
Juanita Bencini
Partner – Risk Consulting Advisory Services
KPMG in Malta
+356 2563 1053
[email protected]
www.kpmg.com.mt
Antoniella Gauci
Malcolm Bray
Senior Manager
g – Risk Consulting
g Advisoryy Services
Senior Manager
g – Risk Consulting
g Advisory
y Services
KPMG in Malta
KPMG in Malta
+356 2563 1038
+356 2563 1178
[email protected]
[email protected]
www.kpmg.com.mt
www.kpmg.com.mt
24
© 2013 KPMG,
KPMG a Maltese civil partnership and a member firm of
the KPMG network of independent member firms affiliated with
KPMG International Cooperative (“KPMG International”), a Swiss
entity. All rights reserved.
The KPMG name, logo and ‘cutting through complexity’ are
registered trademarks or trademarks of KPMG International
C
Cooperative
i (KPMG IInternational).
i
l)

Setting up a Bank in Malta

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