Banking

The Maltese banking industry and financial services sector have experienced year-on-year growth that has led to the recognition of Malta as a reputable financial services centre.

Malta has become one of Europe’s most dynamic and innovative countries, with skilled workforce, EU-compliant legislative and regulatory frameworks and excellent business infrastructure.

Since Malta’s entry into the EU and the Eurozone, the country has become attractive for banking groups managing cross border operations.

In addition, Malta’s tax regime and passporting rights to other EU countries make Malta an attractive location for payment institutions and e-money institutions. 

How can PwC help

 

PwC Malta constantly strives to exceed client expectations and maintain high standards within the industry. Our professionals are specialists in the field having gained valuable experience in core areas of auditing and advisory services provided to our credit and financial institution clients. This allows us to remain at the forefront of regulatory developments, such as those associated with Basel III, CRR/CRD IV, and forthcoming Basel IV and CRR II, as well as PSD, DGS, BRRD and MiFID II. This makes PwC Malta well placed to assist banks on upcoming challenges within the banking industry.

With a 56% market share, as at July 2016, including two of the three significant banks in Malta, PwC is the market leader in the audit of credit and financial institutions. PwC Malta, its partners and staff are also involved in a European Intelligence Group within the PwC network assembled to assist banks across Europe to respond to SSM’s supervisory methodology and organisation while providing best practices, common approaches, technical recommendations, diagnostic tools and resources.

We have the necessary experience to help banks fully redevelop and implement their economic capital, liquidity and risk models. This serves as the basis for banks’ Internal Capital Adequacy Assessment Process (ICAAP), Internal Liquidity Adequacy Assessment Process (ILAAP) and the ECB's Supervisory Review and Evaluation Process (SREP).

Our staff are specialised in these areas and participate in specific PwC Academies, established across more than 15 European PwC member firms, which aim to enhance technical capabilities and understanding of key regulator concerns and expectations of PwC staff within European territories.

PwC Malta helps banks prepare for Asset Quality Reviews (AQR) and ECB/EBA stress tests, providing long-term solutions to meet the ECB’s expected level of risk practices and supervisory reporting requirements. Our experience in this respect is unmatched; we conducted an ECB-mandated Asset Quality Review (AQR) on one of Malta’s significant banks, were engaged to provide bank-side support during a mandatory AQR of another significant bank and were engaged by another three leading core domestic banks in Malta to assess their readiness for a mandatory AQR.

We also support banks through the application of the EBA stress testing methodology. Having assisted one of Malta’s significant banks with the application of the stress test methodology, we are the only firm in Malta with experience in stress testing and thus have the expertise to understand the full impact the comprehensive assessment has on banks.

Data quality is of critical and increasing significance to banks under the SSM. We assist banks in enhancing their infrastructure for reporting key information and improve the speed at which information is available. We will also help banks with remediation of existing data quality issues such as adjustments, overrides, fallbacks and breaks. We will assist banks in setting up a proper data governance structure that is key to sustainable data improvement and treating data as a strategic business asset.

We will assist financial institutions throughout the various stages of the licensing process, including assistance in the preparation and/or review of the Business Plan and in the compilation and/or co-ordination of documentation required at various stages of the licensing application process.

We are well equipped to provide tailor-made solutions when assisting and supporting our clients. The services that we provide are testament to the firm’s locally unrivalled knowledge and technical expertise. We can assist you with your most critical business needs including:

  • Auditing of financial statements and consolidated financial statements
  • Regulatory and compliance services
  • Governance and conduct (corporate and governance structures, management bodies, remuneration policies, risk management and internal controls, information systems and business continuity and transparency)
  • Data strategy, data quality management, data reporting and analytics, data management as part of specific regulations
  • Consultancy services throughout the various stages of the licensing process
  • Analysis and assessment of IT processes
  • Internal audit services as well as advisory and support of Internal Audit and risk management
  • Tax planning (corporate taxes, advisory on transactions, international tax structures, VAT)

Contact us

Fabio Axisa
Assurance partner
Tel: +356 2564 7191
Email

Norbert Paul Vella
Banking Industry Champion
Tel: +356 2564 7263
Email

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