Bank Branches and Representative Offices

Anton John Mifsud | 06 Jan 2012

Ccmalta Default
 
Branches
 
A branch is an integral part of the institution to which it belongs. A licence issued to an institution incorporated outside Malta to operate its business of banking through a branch in Malta is therefore deemed to having been granted to that institution as a whole.
 
In the case of an institution whose principal place of business is in a country outside Malta, the Authority may at its discretion, consider that the minimum criteria for authorisation are fulfilled if:
 
(a) the foreign banking supervisory informs the Authority that it is satisfied with respect to the prudent management and overall financial soundness of the applicant; and
 
(b) the Authority is satisfied as to the nature and scope of the supervision exercised by that country's relative Authority.
 
The Authority may also require information regarding directors, controllers and managers of the overseas institutions operating through branches in Malta, even though these may be less detailed than that required from institutions registered in Malta.
 
Representative Offices
 
A company licensed or holding an equivalent authorisation outside Malta which carries on the business of banking can establish a representative office in Malta only after it has given at least two months notice to the Authority that it intends establishing such office.
 
The notice shall specify the name it is proposing to use in relation to the activities of the representative office and the address of such office. Furthermore, the notice shall be accompanied by a certified copy of the authorisation of the company to conduct the business of banking in a country other than Malta. The Authority may also require the presentation of such additional information or documents as it may reasonable to require.
 

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