Updated 1220
BOV confirms it was approached by third parties for joint purchase of HSBC: Bank of Valletta (BOV) confirmed receiving expressions of interest to join a local consortium aiming to acquire HSBC Bank Malta. Chairman Gordon Cordina stated BOV is monitoring the situation to ensure a stable, competitive banking environment free from conflicts of interest. BOV reported a €67.1 million pre-tax profit for Q1 2025, up 5.3% year-on-year. CEO Kenneth Farrugia highlighted strong financials, with group assets reaching €15.6 billion by March. The bank aims to grow shareholder value, expand its investment portfolio, and strengthen capital through a new bond issue. Cordina also projected a full-year pre-tax profit between €200 million and €250 million. (Times of Malta)
Inheritance key to homeownership, but future generations are at risk: A Central Bank of Malta study reveals that young households receiving financial gifts or inheritances are 15.1% more likely to own a home. While 38.3% of homeowners have benefited from wealth transfers, only 11.7% received support close to their first home purchase. Transfers over €94,604 raise homeownership chances by 20.1% and help buyers afford homes 31.7% more expensive than peers without support. Most transfers occur between ages 20–40, aligning with typical homebuying ages. However, rising property prices may limit future intergenerational support. The study urges policymakers to encourage wealth transfers and bolster schemes like the Deposit Guarantee Scheme to maintain access to homeownership amid worsening housing affordability.
Government signs €300 million contract for second electricity link to Sicily: The Maltese government has signed a €300 million contract with Norwegian firm Nexans AS to build and install a second subsea electricity interconnector (IC2) between Malta and Sicily. Co-financed by the EU, the 245kV, 99km cable will double Malta’s connection to the European grid, enhance energy security, and support the country’s 2050 decarbonisation goals. Energy Minister Miriam Dalli said the project strengthens the energy supply and enables greater adoption of renewable energy. The deal marks a major milestone in a long planning process and is one of six main tenders for the IC2 project. Once operational, the interconnector is expected to cut CO₂ emissions by 13.5 million tonnes over its lifetime. (The Malta Independent)
Morning Briefing
New testimony links bomb supplier to Daphne Caruana Galizia murder
A court has heard that the bomb used to kill journalist Daphne Caruana Galizia was allegedly supplied by Kevin Ellul, a man injured in a separate explosion in 2018. Known as “id-double O” and described by police as “notorious”, Ellul was badly hurt in a blast at his Għargħur garage and later exercised his right to remain silent during police questioning. This claim emerged during the ongoing trial of Robert Agius and Jamie Vella, who are accused of providing the bomb used in the October 2017 assassination. A prisoner testifying in court said he was informed by Ellul’s former partner, Nicole Brignone, that Ellul had supplied the device. (Times of Malta)
Blue Lagoon visitors must pre-book as new limits take effect
Starting 1 May, all visitors to Blue Lagoon in Comino must pre-book their trip via a new system launched by the Malta Tourism Authority. To manage crowds at the protected Natura 2000 site, access will be capped at 4,000 people at any one time. The online booking platform — bluelagooncomino.mt — allows users arriving by private or commercial vessels to reserve one of three time slots each day. Bookings are free and require basic information and an email address. A QR code will be issued for presentation at coastal and land entry points. (Maltatoday)
Government vows to adjust citizenship scheme after ECJ ruling
The Maltese government announced it will revise its citizenship-by-investment programme to comply with the European Court of Justice ruling delivered yesterday. While details remain unclear, the government says changes will align with the court’s outlined principles. Since 2020, Malta has defended the scheme, insisting that citizenship falls within national competence. In a statement, Government recalled that, since its inception in 2015, this legislative framework has directly generated over €1.4 billion in revenue for Malta. These funds have always been divided between the National Development and Social Fund (NDSF), through which several beneficial projects and investments were and continue to be carried out, and the Consolidated Fund. (The Malta Independent)