The industry maintains a healthy reputation placing 15th out of 144 countries worldwide, insofar of soundness of the local banking system (World Economic Forum’s Competitiveness Index 2015-2016). This is further supported by the fact that the economy remained relatively unscathed by the 2008 financial crises. As at June 2016, the number of locally licensed credit institutions totalled 27, which provides for additional testimony to the strength of the industry in an island which measures just 316 square kilometres. The Central Bank of Malta (“CBM”) classifies banks into three distinct categories, namely Core Domestic Banks, Non-core Domestic Banks and International Banks.  Since the advent of the Single Supervisory Mechanism (“SSM”) in November of 2014, the local Regulator (the Malta Financial Services Authority “MFSA”) jointly supervises, together with the European Central Bank (“ECB”) the three largest domestic banks. The MFSA is also directly responsible for the remaining Less-Significant Institutions and is also the first port of call for those entities looking to set-up shop in the financial services industry in Malta. Malta has positioned itself as a jurisdiction of choice for banks and other financial services players by maintaining its reputation as a robust, tax efficient, well regulated EU member state.

In the midst of a playing field which is highly-regulated, our qualified and experienced audit, tax and advisory teams assist the majority of the banks on the Island.   Being part of a larger network, our local advisors can also leverage expertise off other member firms, including the KPMG ECB Office, which the local office is a proud member of. The KPMG ECB Office specifically focuses on, and specializes in, pressing issues related to the SSM. Furthermore, our banking industry experts offer a wide range of services across all areas, including, but not limited to; the provision of external and internal audit services, project managing regulatory authority applications for banking licenses, mergers and acquisition processes, assistance with ensuring regulatory compliance, actuarial services including financial modelling and capital management, accounting advice, risk management reviews, and tax advisory, compliance and structuring services in the banking and financial services industry.