View source for History of banking in Malta

[[Bank|Banking]] emerged in primitive form through deposit-taking and money-changing activities, with [[Temple|temples]] and [[Merchant|merchants]] in [[Mesopotamia]], [[Greek colonisation|Greece]], and [[Roman Empire|Rome]] receiving deposits, issuing loans, and facilitating currency exchange to support trade and agriculture. The [[Middle Ages]] and [[Renaissance]] saw the organisation and commercialisation of banking, particularly in [[Italian city-states]] such as [[Florence]] and [[Venice]], where [[Merchant bank|merchant banks]] developed innovations like [[Negotiable instrument|bills of exchange]] and branch networks to finance long-distance trade. The early modern and industrial era witnessed the institutionalisation of banking with the creation of central banks and more structured credit systems, exemplified by institutions such as the [[Bank of Amsterdam]] and the [[Bank of England]], as well as innovations like [[Fractional-reserve banking|fractional reserve banking]] and increased lending to governments and industries. The present-day global banking landscape is defined by rigorous regulation, international integration, and technological advancement, with banks functioning transnationally, adjusting to financial upheavals, and progressively depending on [[Digital platform (infrastructure)|digital platforms]], [[Financial technology|fintech]], and [[Applications of artificial intelligence|artificial intelligence]] for service delivery and [[risk management]].<ref>{{Cite journal |last=Challoumis |first=Constantinos |last2=Eriotis |first2=Nikolaos |date=2025-01-14 |title=Evolution of banking systems: A comprehensive historical analysis |url=https://www.researchgate.net/publication/388055630_Evolution_of_banking_systems_A_comprehensive_historical_analysis |journal=Journal of Contemporary Research in Business Economics and Finance |publisher=Learning Gate |volume=7 |issue=1 |pages=1-21}}</ref> (See main article: [[History of banking|History of Banking]]) 

The Maltese financial landscape was influenced by the various colonial powers that once ruled the islands and, subsequently, by the country's post-independence economic development. Since its accession to the [[European Union]], the Maltese banking system has continued to evolve and assimilate into the broader European financial market. The timeline below presents significant milestones in chronological order, from the financial institutions established during the era of the Order of St John to the evolution of Malta's modern banking sector.

== Timeline ==
'''1530–1798 (Knights of St. John)'''

The Sacred Treasury of the [[Knights Hospitaller|Knights of St. John]], known as "il Comun Tesoro", carried out some financial functions associated with a bank.<ref name=":8">{{Cite web |last=Grima |first=Joseph F. |date=2019-06-16 |title=It happened this month: Malta’s first bank |url=https://timesofmalta.com/article/it-happened-this-month-maltas-first-bank.714070 |access-date=2025-04-21 |website=Times of Malta |language=en-gb}}</ref>

15 January 1598: [[Monte di Pietà (Malta)|Monte di Pietà]] was founded, providing low-interest loans against pawned items.<ref name=":8" /><ref name="melitensiawth">{{cite journal |last1=Denaro |first1=Victor F. |date=1958 |title=Houses in Merchants Street, Valletta |url=http://melitensiawth.com/incoming/Index/Melita%20Historica/MH.02(1956-59)/MH.2(1958)3/orig04.pdf |url-status=usurped |journal=Melita Historica |volume=2 |issue=3 |pages=161–164 |archiveurl=https://web.archive.org/web/20160304124519/http://melitensiawth.com/incoming/Index/Melita%20Historica/MH.02(1956-59)/MH.2(1958)3/orig04.pdf |archivedate=4 March 2016}}</ref>

1635: [[Massa Frumentaria]], a mediaeval grain fund established, while also serving as a precursor to an [[Investment banking|investment bank]].<ref name=":8" /><ref name=":0">{{Cite web |last=Debono |first=Jeremy |date=2015 |title=Treasury C: a re-discovered archive at the National library |url=https://www.academia.edu/50975534}}</ref>

'''1798–1800 (French occupation)'''

The French seized all the assets of the Monte di Pietà and Massa Frumentaria.<ref name=":8" /><ref name=":7">{{Cite web |last=Arthur |first=Bonnici |date=1969 |title=A Debt that was never settled. |url=https://www.um.edu.mt/library/oar/bitstream/123456789/36890/1/1.pdf}}</ref><ref>{{Cite journal |last=Savona-Ventura |first=Charles |date=1998 |title=Human suffering during the Maltese insurrection of 1798 |url=https://www.um.edu.mt/library/oar/handle/123456789/25127 |journal=Storja |language=en |issue=1998 |pages=48-65}}</ref> 

'''1800–1812 (British Protectorate)'''

23 June 1809: Anglo Maltese Bank — first Maltese formal bank.<ref name=":8" /><ref name=":11">{{Cite web |last=Jens Rudolf |first=Uwe |year=2018 |editor-last=Woronoff |editor-first=Jon |title=Historical Dictionary of Malta |url=https://dokumen.pub/historical-dictionary-of-malta-153811917x-9781538119174.html |access-date=2025-08-07 |website=dokumen.pub |publisher=Rowman & Littlefield |pages=xxxiii, 37 |language=en |isbn=9781538119181 |lccn=2018027919 |edition=3rd}}</ref>

1 May 1812: Banco di Malta established, both precursors of [[Bank of Valletta]].<ref name=":8" /><ref name=":11" />

1812: Tagliaferro and Sons founded — the first private [[merchant bank]].<ref name=":8" /><ref name=":11" />

'''1813–1964 (British Colonial Period)'''

1830 Scicluna's et fils bank founded – another precursors of [[Bank of Valletta]] and the first bank to open branches (three in Valletta by 1890) and introduce cheques in Malta.<ref name=":8" /><ref name=":11" /><ref name=":22">{{Cite web |last=Bonello |first=Giovanni |date=2025-03-31 |title=In pictures: Early banking in Malta |url=https://timesofmalta.com/article/in-pictures-early-banking-malta.1107133 |access-date=2025-04-01 |website=Times of Malta |language=en-gb}}</ref>

21 November 1833, Government Savings Bank founded as a [[savings bank]].<ref name=":2">{{Cite web |last=Consiglio |first=John |date=2024-02-21 |title=A page out of Malta’s banking history: the Malta Government Savings Bank |url=https://timesofmalta.com/article/a-page-malta-banking-history-malta-government-savings-bank.1085056 |access-date=2026-06-06 |website=Times of Malta |language=en-gb}}</ref>

1830s: James Bell & Co Ltd, shipping agency started to provide banking services to British military and navy personnel stationed on the island.<ref name=":8" /><ref>{{Cite web |last=Times of Malta |first= |date=2019-12-06 |title=The early years of banks in Malta |url=https://timesofmalta.com/article/the-early-years-of-banks-in-malta.755158 |access-date=2026-06-06 |website= |language=en-gb}}</ref>

1882: Anglo–Egyptian Bank founded in Malta, precursor of [[HSBC Bank Malta|HSBC Malta]].<ref name=":11" />

1910: The Unione Cattolica San Giuseppe founds the Bank of Apostleship of Prayer or Bank ta’ San Guzepp later renamed [[APS Bank]], a savings bank.<ref name=":22" /><ref name=":12">{{Cite web |last=Borg |first=Darren |date=2022-01-25 |title=History of Banking and Banks in Malta |url=https://www.drwerner.com/en/history-of-banking-and-banks-in-malta/ |access-date=2025-04-01 |website=DW&P Dr. Werner & Partners |language=en}}</ref><ref name=":122">{{Cite web |last=Grima |first=Noel |date=2017-02-13 |title=The founder of APS Bank |url=https://www.independent.com.mt/articles/2017-02-13/books/The-founder-of-APS-Bank-6736170328 |access-date=2026-02-09 |website=The Malta Independent}}</ref>

1925: Anglo–Egyptian Bank becomes part of Barclays Bank.<ref name=":11" />

1946: Anglo Maltese Bank and Banco di Malta merge to form the National Bank of Malta (NBM).<ref name=":11" /><ref name=":22" />

1949: Scicluna et fils affiliated with the NBM group, as did Tagliaferro and Sons two decades later.<ref name=":11" />

1955: [[Lombard Bank]] founded.<ref name=":22" />

1963: Bank of Industry, Commerce and Agriculture (BICAL) established as a small commercial bank.<ref name=":116">{{Cite web |last=Jens Rudolf |first=Uwe |year=2018 |editor-last=Woronoff |editor-first=Jon |title=Historical Dictionary of Malta |url=https://dokumen.pub/historical-dictionary-of-malta-153811917x-9781538119174.html |access-date=2025-08-07 |website=dokumen.pub |publisher=Rowman & Littlefield |pages=38 |language=en |isbn=9781538119181 |lccn=2018027919 |edition=3rd}}</ref> 

'''1964–2004 (Post-Independence Era)'''

17 April 1968: [[Central Bank of Malta]] established.<ref name=":112">{{Cite web |last=Jens Rudolf |first=Uwe |year=2018 |editor-last=Woronoff |editor-first=Jon |title=Historical Dictionary of Malta |url=https://dokumen.pub/historical-dictionary-of-malta-153811917x-9781538119174.html |access-date=2025-08-07 |website=dokumen.pub |publisher=Rowman & Littlefield |pages=xxxviii |language=en |isbn=9781538119181 |lccn=2018027919 |edition=3rd}}</ref><ref name=":1">{{Cite web |title=Our history - Central Bank of Malta |url=https://www.centralbankmalta.org/our-history |access-date=2026-05-31 |website=Central Bank of Malta}}</ref>

September 1969: the Central Bank of Malta released its first series of currency notes.<ref name=":1" />

1970: Central Bank of Malta established as Malta's banking regulator.<ref name=":1" />

May 1972: the Central Bank of Malta released its first series of coins, following decimalisation.<ref name=":1" /> 

November 1972: First major bank crisis in Malta following the fraudulent collapse of BICAL.<ref name=":116" />

6 December 1973: A run begins on the NBM with the Central Bank declining to provide assistance, seemingly under directives from Dom Mintoff.<ref name=":11" />

1974: Government takes over NBM without compensation to shareholders to set up [[Bank of Valletta]].<ref name=":11" /> 

1975: Barclays Bank's Maltese subsidiary is nationalised and becomes Mid-Med Bank.<ref name=":11" />

1983-1986: Deposits held with the Malta Government Savings Banks transferred to other banks<ref name=":2" />

1990: The Bank of Apostleship of Prayer changed its name to [[APS Bank|APS Bank Ltd]] after being granted a commercial licence.<ref name=":3">{{Cite book |last=Rudolf |first=Uwe Jens |url=https://books.google.com/books?id=lmZwDwAAQBAJ |title=Historical Dictionary of Malta |date=2018-11-10 |publisher=Rowman & Littlefield |isbn=978-1-5381-1918-1 |pages=xxxiii, 36 |language=en}}</ref><ref name=":10">{{Cite web |last=Ripard |first=Joanna |date=2010-01-24 |title=APS Bank embarks on ethical international finance dimension |url=https://timesofmalta.com/article/aps-bank-embarks-on-ethical-international-finance-dimension.291014 |access-date=2026-02-09 |website=Times of Malta |language=en-gb}}</ref>

1992: Bank of Valletta was the first public company to be listed on the [[Malta Stock Exchange]].<ref name=":116" /><ref>{{Cite web |last= |first= |date=2025-01-24 |title=BOV rings the bell at the Malta Stock Exchange |url=https://maltachamber.org.mt/bov-rings-the-bell-at-the-malta-stock-exchange/ |access-date=2026-06-06 |website=The Malta Chamber |language=en-US}}</ref>

January 1993: Mid-Med Bank listed on the Malta stock exchange. <ref>{{Cite web |title=Curmi & Partners - HSBC Bank Malta plc : Company Profile |url=https://www.curmiandpartners.com/en/hsbc-bank-malta-plc-company-profile- |access-date=2026-06-06 |website=Curmi & Partners}}</ref>

13 April 1994: Lombard Bank listed on the Malta stock exchange. <ref>{{Cite web |title=Curmi & Partners - Lombard Bank : Capital History |url=https://www.curmiandpartners.com/en/lombard-bank-capital-history |access-date=2026-06-06 |website=Curmi & Partners}}</ref>

1999: [[HSBC]] acquires Mid-Med Bank, which becomes [[HSBC Bank Malta|HSBC Malta]].<ref name=":11" />

June 2001: [[FIMBank|Fimbank plc]] listed on the Malta stock exchange. <ref>{{Cite web |title=FIMBank - Trade Finance Solutions |url=https://www.fimbank.com/en/about-the-group |access-date=2026-06-06 |website=}}</ref> 

23 July 2002: the Malta Financial Services Centre, governed by the [[Malta Financial Services Authority]] (MFSA), became the sole regulator of banking and other financial services.<ref name=":1" /><ref name=":117">{{Cite web |last=Jens Rudolf |first=Uwe |year=2018 |editor-last=Woronoff |editor-first=Jon |title=Historical Dictionary of Malta |url=https://dokumen.pub/historical-dictionary-of-malta-153811917x-9781538119174.html |access-date=2025-08-07 |website=dokumen.pub |publisher=Rowman & Littlefield |pages=109 |language=en |isbn=9781538119181 |lccn=2018027919 |edition=3rd}}</ref>

1 October 2002 The [[Financial Intelligence Analysis Unit]] (FIAU) is established to combat money laundering and the funding of terrorism and to monitor compliance with relevant financial legislation.<ref name=":118">{{Cite web |last=Jens Rudolf |first=Uwe |year=2018 |editor-last=Woronoff |editor-first=Jon |title=Historical Dictionary of Malta |url=https://dokumen.pub/historical-dictionary-of-malta-153811917x-9781538119174.html |access-date=2025-08-07 |website=dokumen.pub |publisher=Rowman & Littlefield |pages=110 |language=en |isbn=9781538119181 |lccn=2018027919 |edition=3rd}}</ref>

'''2004–Present (post EU membership)'''

2 May 2005: The [[Maltese lira]] enters the EU’s [[European Exchange Rate Mechanism|Exchange Rate Mechanism]] (ERM II).<ref name=":1" /><ref name=":113">{{Cite web |last=Jens Rudolf |first=Uwe |year=2018 |editor-last=Woronoff |editor-first=Jon |title=Historical Dictionary of Malta |url=https://dokumen.pub/historical-dictionary-of-malta-153811917x-9781538119174.html |access-date=2025-08-07 |website=dokumen.pub |publisher=Rowman & Littlefield |pages=xlv |language=en |isbn=9781538119181 |lccn=2018027919 |edition=3rd}}</ref>

1 January 2008: Malta adopted the [[euro]] as its official currency. At the same time, the Central Bank of Malta joined the European System of Central Banks (ESCB) and became part of the European Central Bank (ECB).<ref name=":1" /><ref name=":114">{{Cite web |last=Jens Rudolf |first=Uwe |year=2018 |editor-last=Woronoff |editor-first=Jon |title=Historical Dictionary of Malta |url=https://dokumen.pub/historical-dictionary-of-malta-153811917x-9781538119174.html |access-date=2025-08-07 |website=dokumen.pub |publisher=Rowman & Littlefield |pages=xlviii, 36 |language=en |isbn=9781538119181 |lccn=2018027919 |edition=3rd}}</ref>

2016-2018: The [[Panama Papers]] and [[Danske Bank money laundering scandal]] led to increased financial scrutiny of financial services. <ref>{{Cite web |last=Kohli |first=Anisha |date=2021-07-08 |title=On the decline since Panama Papers, Malta punished for dirty money reputation - ICIJ |url=https://www.icij.org/inside-icij/2021/07/on-the-decline-since-panama-papers-malta-punished-for-dirty-money-reputation/ |access-date=2026-06-07 |language=en-US}}</ref><ref name=":4">{{Cite web |last=Janyga |first=Mirko |date=2021-08-12 |title=Malta on the FATF's Grey List - Consequences for Obliged Entities according to AMLA |url=https://www.msg-compliance.de/en/blog/malta-on-fatf-grey-list-consequences-for-obliged-entities-according-to-amla}}</ref><ref name=":5">{{Cite web |last=Hawser |first=Anita |date=2022-01-15 |title=Combatting money-laundering in the EU |url=https://www.maltabankers.org/combatting-money-laundering-in-the-eu/ |access-date=2026-06-07 |website=Malta Bankers |language=en-US}}</ref>

22 March 2018: MFSA seize control of the Pilatus Bank in Malta after its owner, Ali Sadr Hasheminejad, is arrested in the United States. <ref name=":115">{{Cite web |last=Jens Rudolf |first=Uwe |year=2018 |editor-last=Woronoff |editor-first=Jon |title=Historical Dictionary of Malta |url=https://dokumen.pub/historical-dictionary-of-malta-153811917x-9781538119174.html |access-date=2025-08-07 |website=dokumen.pub |publisher=Rowman & Littlefield |pages=liv |language=en |isbn=9781538119181 |lccn=2018027919 |edition=3rd}}</ref>

15 October 2018: MFSA placed Satabank under administration due to money laundering concerns. <ref>{{Cite web |title=Public Notice Concerning Satabank plc |url=https://www.mfsa.mt/publication/public-notice-concerning-satabank-plc-2/ |access-date=2026-06-06 |website=MFSA |language=en-US}}</ref><ref>{{Cite web |title=SATABANK plc (Malta) - Bank Profile |url=https://thebanks.eu/banks/18431 |access-date=2026-06-06 |website=thebanks.eu |language=en}}</ref>

September 2019: [[Moneyval|MONEYVAL]] published its ''Fifth Round Mutual Evaluation Report on Malta'', highlighting weaknesses in Malta's banking sector in addressing money laundering and terrorist financing concerns, as well as the lack of resources and infrastructure in the country's anti-money laundering institutions. <ref>{{Cite web |last=Csúri |first=András |date=2020-01-11 |title=MONEYVAL: Fifth Round Evaluation Report on Malta |url=https://eucrim.eu/news/moneyval-fifth-round-evaluation-report-malta/ |access-date=2026-06-07 |website=eucrim.eu |language=en}}</ref><ref>{{Cite web |last=Agius |first=Monique |date=2020-06-25 |title=Moneyval grey list: "A meteorite rapidly moving towards us" - Galdes |url=https://newsbook.com.mt/en/moneyval-grey-list-a-meteorite-rapidly-moving-towards-us-galdes/ |archive-url= |archive-date= |access-date=2026-06-07 |website=Newsbook |language=en-US}}</ref>

May 2021: MONEYVAL issued a follow-up report confirming legal and regulatory reforms but that the country will remain under scrutiny. <ref>{{Cite web |title=Malta's progress in strengthening measures to tackle money laundering and terrorist financing |url=https://www.fatf-gafi.org/en/publications/Mutualevaluations/Fur-malta-2021.html |access-date=2026-06-07 |website=FATF}}</ref><ref>{{Cite web |last=Calleja Zammit |first=Claire Marie |date=2021-06-04 |title=The long and short of it: Moneyval’s report on Malta |url=https://www.pkfmalta.com/news/network-news/the-long-and-short-of-it-moneyval-s-report-on-malta/ |access-date=2026-06-07 |website=PKF Malta |language=en}}</ref>

June 2021: The [[Financial Action Task Force|FATF]] placed Malta on its grey list, highlighting deficiencies in the implementation of MONEYVAL evaluations. <ref name=":4" /><ref name=":5" /><ref>{{Cite web |title=Annual Report 2021 |url=https://fiaumalta.org/app/uploads/2024/02/Annual-Report-2021.pdf |website=FIAU}}</ref><ref>{{Cite web |last=Vella |first=Matthew |date=2021-06-23 |title=[WATCH] Malta first EU state to get FATF greylisting, PN: ‘a national punishment’ |url=https://www.maltatoday.com.mt/news/national/110466/malta_first_eu_member_state_to_get_fatf_greylisting |access-date=2026-06-07 |website=Malta Today. |language=en}}</ref><ref>{{Cite news |date=2021-06-25 |title=FATF highlights the three action points Malta needs to fulfill to move off grey list |url=https://www.independent.com.mt/articles/2021-06-25/local-news/FATF-highlights-the-three-action-points-Malta-needs-to-fulfill-to-move-off-grey-list-6736234688 |archive-url= |archive-date= |access-date=2026-06-07 |work=The Malta Independent}}</ref>

17 June 2022: The FATF officially delisted Malta from its list of jurisdictions under increased monitoring, attributing this decision to the “significant progress” made in rectifying the strategic shortcomings noted in 2021.<ref>{{Cite web |last=Bonnici |first=Julian |date=2022-06-18 |title=Explained: How Malta Managed To Get Off The Grey List In A Year |url=https://lovinmalta.com/opinion/analysis/explained-how-malta-managed-to-get-off-the-grey-list-in-a-year/ |access-date=2026-06-07 |website=Lovin Malta |language=en-GB}}</ref><ref>{{Cite web |last=Galea |first=Jean |date=2021-07-01 |title=Malta’s FATF Grey List Saga: What Happened and the Aftermath |url=https://jeangalea.com/malta-fatf-grey-list/ |access-date=2026-06-07 |website= |language=en-US}}</ref><ref>{{Cite web |last=Speigner |first=Melissa |date=2022-06-17 |title=Malta Removed From FATF Grey List |url=https://corriericilia.com/malta-removed-from-fatf-grey-list |access-date=2026-06-07 |website=Corrieri Cilia |language=en-GB}}</ref>

27 June 2022: APS Bank listed on the Malta stock exchange. <ref>{{Cite web |title=APS Bank rings the bell at the Malta Stock Exchange |url=https://www.apsbank.com.mt/news/aps-bank-rings-the-bell-at-the-malta-stock-exchange/ |access-date=2026-06-06 |website=}}</ref>

== See also ==
{{Portal|Malta|Banks|History|Economics
}}

* [[History of banking]]
* [[History of Malta]]
* [[Economy of Malta]]
* [[List of banks in Malta]]
* [[History of banking in China]]
* [[History of banking in Hong Kong]]
* [[History of banking in Italy]]
* [[History of banking in the United Kingdom]]
* [[History of banking in the United States]]

== References ==
<references />
[[Category:Economic history of Malta]]
[[Category:History of banking]]
[[Category:Timelines by country]]
[[Category:Malta history-related lists]]