In 1992, Bank of Valletta International started operating. That same year Bank of Valletta launched its fully owned investment bank - the subsidiary Valletta Investment Bank. In 1990, the Maltese government reduced its stake in Bank to 51 percent by issuing and offering 4.9 million shares to the public. In 1986, the Bank inaugurated its first overseas representative office. The Malta Development Corporation took up the remaining 40 percent, and in time sold 20 percent to the Banco di Sicilia and 10 percent to the Maltese public. The Government, injected Lm3.3 million (equivalent to €7.7 million) into the new Bank in return for a 60 percent share of the capital. The National Bank's liabilities were artificially inflated by 151% by the government in an attempt to make it appear as insolvent. The banking reform was described as a "hijack" by Adrain Busietta, as it created a number of controversies for those who had assets. The new Bank took over the assets and liabilities of the National Bank of Malta, and commenced operations on 25 March 1974. On 22 March 1974 the Prime Minister Dom Mintoff announced the setting up of the Bank of Valletta. The run on the bank is widely considered to have been orchestrated by the then government in an attempt to take control of the banking sector in Malta. In 1973, following a run on the National Bank of Malta and its subsidiary Tagliaferro Bank, the Maltese government after Parliament passed the 'National and Tagliaferro Banks (Temporary Provision) Act 1973'. Twenty years after that, i.e., in 1969, National Bank of Malta merged with Tagliaferro Bank through an exchange of shares. In 1949, Sciclunas Bank affiliated to the newly established bank. Īnglo-Maltese Bank and Banco di Malta merged in January 1946 under the name National Bank of Malta. This was done in order to have strength in numbers at a time when there was a fear that the government was after the private banks. These four banks would eventually merge, in stages, to form the National Bank of Malta. The fourth bank established in Malta was Josef Scicluna et Fils, set up in 1830. Tagliaferro e Figli, which too was founded in 1812. The third bank to be set up in Malta was B. Anglo-Maltese Bank and Banco di Malta began early on to issue their own promissory banknotes (payable at sight) at first in Scudi denominations and subsequently in Sterling. With the advent of British rule in Malta, a group of English and Maltese merchants established Anglo-Maltese Bank, which commenced operations on 23 June 1809.
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