2023 proved to be ‘uncertain, hectic, and transformative’ – BOV Chairman Gordon Cordina

Bank of Valletta (BOV) Chairman Gordon Cordina has described the past year as one that was filled with uncertainty, while also proving to be hectic and transformative.

The banking sector has experienced a turbulent past few years, characterised by increasing interest rates due to macroeconomic challenges, and growing cybersecurity vulnerabilities.

The latter has been particularly challenging for banks, as technology’s rapid development and staggering increase of digital services have meant that scammers have found new and craftier ways of accessing information from different organisations. These include customers receiving SMS messages that are seemingly coming from banks, containing links to fake website and instructing potential victims to click on a link to unlock their cards and passwords.

This has prompted banks to invest more heavily in their digital infrastructure, in a bid to ensure that they are more up to date when it comes to cybersecurity, especially considering they are the holders of such valuable personal information.

As part of the latest iteration of MaltaCEOs.mt’s end-of-year series, Dr Cordina looks back on the different challenges that 2023 presented, also utilising his experience as a leading economist.

Dr Cordina has served as Chairman of Malta’s biggest bank since October 2020, and as we head into a new year, he will be overseeing BOV’s new three-year transformation strategy, focused more on making an impact on the ESG front.

What 3 words would you use to sum up your 2023? Why?

Uncertain, hectic and transformative.

The global, national and internal dynamics of business are becoming more exposed to risks. Often, the most effective way to build resilience to risks is to step up on hard work, productivity, and accelerating change towards proactive management.

What personal accomplishment from the past year are you most proud of?

I work as part of a team. I think that the resumption of a dividend with a stable outlook is the accomplishment which is most indicative of the achievements being registered at Bank of Valletta.

What are you most grateful for this year?

Good health, and the input of all members of my team.

How are you going to spend the New Year?

Quietly.

What are the biggest opportunities and challenges you believe 2024 will bring?

The bank will be embarking on a new three-year strategy to deepen its transformation and make a clear impact on the ESG front in the Maltese economy and society. The international global and financial situation will remain volatile.

Is there a particular skill you’d like to develop in the new year?

Flying model airplanes.

Is there something you’d like to change about your daily routine?

Read more good books, on a paper medium that is, which is really probably the only justifiable use for paper that remains.

Where do you see yourself in a year’s time?

Some place that continues to make life worth living.