The Times of Malta reports that Bank of Valletta was preparing for the possible pull-out of ING, its sole remaining provider of correspondent banking services in US dollars, an official confirmed.
The official, who asked not to be named, said mitigating measures were being taken over fears that the Dutch bank could pull the plug on its correspondent banking services to Malta. ING is the last remaining provider of correspondent banking services to BOV in US dollars. Deutsche Bank terminated its servicing of such transactions two years ago.
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