Issue link: https://maltatoday.uberflip.com/i/1526203
7 maltatoday | WEDNESDAY • 4 SEPTEMBER 2024 NEWS JAMES DEBONO jdebono@mediatoday.com.mt Santa Venera council objects to Portelli project THE Santa Venera local council is objecting to a development project consisting of retail out- lets and 33 dwellings proposed by CF Homes Limited in the lo- cality. The company is partly owned by construction magnate Jo- seph Portelli and plans to de- velop an 840sq.m site along St Joseph High Road and Triq Ab- ela in Santa Venera. The project which is being objected to by the Superin- tendence for Cultural Heritage for aesthetic reasons, consists of seven retail shops and two maisonettes at ground level, and 31 residential apartments on the three upper floors. Reacting to an article pub- lished by MaltaToday last week, the council said in a statement it was concerned on the traffic impact the project will have. The council informed the public that it had first dis- cussed the project in a meeting held in May, during which all councillors had expressed con- cern on the negative impact of the project on this residential area. The council is particularly concerned about the increase in traffic in the area, which it fears will result in congestion in Triq Abela, especially in the existing cul-de-sac where mo- torists already experience diffi- culties in manoeuvring. The council is calling on the Authority to ensure the pro- posed development is down- scaled as far as possible to minimise the inconvenience to present and future residents living there. Architect Maria Schembri Grima's plans suggest that the new building's recessed floor will rise above a row of uniform two-storey townhouses dating back to the turn of the 20th century. Additionally, it will in- troduce a bulky, elongated, and unbroken façade that contrasts with the rhythm of a street still predominantly characterized by these old townhouses. But the building will rise to the same height as an unsightly building found on the left of the excavated site. The Superintendence for Cultural Heritage has also ex- pressed concern on the visual impact of the project, fearing that this will create "a prece- dent for further inappropriate development" in the area, po- tentially impacting surround- ing buildings. The heritage watchdog described the project as "totally out of scale and out of character" with the tradi- tional streetscape. The application originally en- visioned the development of a bank branch at ground level and three levels of residential apartments and was first pre- sented by the Bank of Valletta which declared owning the site in 2023. The application was later amended, with changes to both the applicant and the ar- chitect. Previously, Bank of Valletta applied in 2019 to develop four levels of offices on the same site. This application, featuring a more contemporary design, was subsequently withdrawn. Santa Venera council concerned that project which includes seven shops and 33 dwellings will exacerbate congestion problems in the area The project in St. Joseph High Street in Santa Venera consists of seven retail shops and two maisonettes at ground level, and 31 residential apartments on the three upper floors BANK of Valletta recently host- ed the Malta Association of Small Shareholders (MASS) at the House of the Four Winds in Valletta. This courtesy visit forms part of the Bank's outreach pro- gram and its commitment to keep the market regularly updated with information that is of interest to its stakeholders. Key members of MASS were hosted by the Bank's Chairman Dr Gordon Cordina, CEO Kenneth Farrugia and CFO Kevin Cardona. During the meeting the Bank presented an overview of its finan- cial performance for the first six months of the year, and shared key strategic initiatives being under- taken to sustain its current perfor- mance while positioning the Bank for future growth. An important topic of conversation to share- holders is the potential dividend distribution that shareholders expect following the announce- ment of the half year results. The Bank confirmed that the Board is in the process of compiling for- ward-looking data and conduct- ing an analysis to consider the payment of a dividend out of the profit realised in 1H 2024. This is in line with the process followed last year and a formal announce- ment in this regard will be made in due course. The Bank reiterated that divi- dend decisions at BOV are not based on a simple calculation but need to meet important risk and regulatory criteria, which focus on the strength and viability of the Bank's future business. This is essential to safeguard the best interests of shareholders and wider stakeholders. In line with the Bank's Dividend Policy, when proposing a dividend, the Board considers four important tenets, those of affordability (in terms of assessing current profitability and accumulated distributable re- serves in the balance sheet), Reg- ulatory Capital Adequacy (main- taining a sufficient level of capital and liquidity to comply with all relevant regulatory obligations and expectations mindful of the impact of CRR3 in January 2025), Growth Projections (demand for capital for business growth over the coming three year period), as well as shareholders' reasonable expectations and market practic- es. Other aspects of the Bank's op- erations and strategy were dis- cussed, including the importance of digital channels and how these are changing the way customers interact with Banks. The Bank confirmed that it maintains a good balance between physical pres- ence and digital alternatives, offer- ing customers convenience based on their individual preferences. It was also noted how cybersecurity is becoming ever more important in today's world. In this respect the Bank continues to urge cus- tomers to be vigilant, never shar- ing their bank credentials over the phone, via email or through SMSs. On its part, the Bank continues to inform customers on the best way to protect themselves, while also introducing additional secu- rity measures, such as the recent introduction of AI in transaction monitoring that offers further protection against fraud. A topical discussion centred on current geopolitical developments and how these are impacting the local economy and also Bank of Valletta. It was noted how con- flicts always have an impact on world economies, with Malta being no exception. Interest rate developments also had an impact on banks. The Bank's strategy has been to strengthen its Balance Sheet so that it can weather such storms, within a medium to long term approach to ensure longev- ity and sustained performance. This has been the Bank's position in the recent past, one that contin- ues to bear fruit as confirmed by its positive performance over the past eighteen months. The Association encouraged the senior bank officials to be gener- ous with the shareholders in the next dividend payout. Members of MASS present for the meeting made various suggestions that would be of benefit to custom- ers and shareholders. Such sug- gestions included waivers of fees related to SEPA wire transfers for transactions under €1,000 to incentivise customers to move to digital channels, the enhancement of information on the Bank's web- site as well suggestions on the current deposit scenario and al- ternative investment and pension instruments available to custom- ers. The Bank said it welcomes such suggestions and reviews such pro- posals in light of its current strate- gic position. BOV hosts small shareholders association in courtesy visit