Malta’s banks promise to work ‘hand in hand’ with Government on business’ right to a bank account

At a meeting with Economy Minister Silvio Schembri and Malta’s leading banks, the former revealed in a public announcement that banks “gave [the Minister] their word that they will work hand in hand with the Government” to see a set of new banking measures implemented.

As part of Labour’s electoral manifesto in the run up to the 2022 March general election, which saw the party voted into power, it promised to:

• Introduce the right to a bank account for companies and businesses. Currently, this right is in place for private individuals but not companies;
• The establishment of a credit review office where an individual can present his case during instances when they are refused a loan for seemingly invalid reasons;
• The establishment of a centralised due diligence system in order to continue reducing bureaucracy

Mr Schembri  on Wednesday shared that he met with Malta’s principal banks on the above reform, and described the meeting as positive.

When the proposals were first announced back in March in the run up to the election, The Malta Chamber and the Chamber of SMEs welcomed the idea.

Both organisations, especially the Chamber of SMEs, have continually raised the concerns and complaints of its members in public fora about the quality of banking services for businesses on the island, particularly access to finance and the plethora of documentation and questions raised when making transactions.