“As local banks continue to reconsider some of their services, new opportunities have been created for private operators such as FerroVault’s safe deposit box service – a service which has fallen beyond most banks’ risk appetite and has been discontinued. The need, however, is still there and this is why we set up FerroVault in Malta,” stated Jeanne Borg, Director of FerroVault.
FerroVault is a centrally located newly opened compound several safe deposit boxes designed to offer a discreet and secure service to local, international, and corporate clients.
“FerroVault follows a trend that happened in the UK where a similar model was set up after banks started to curtail and eventually discontinue their safe deposit services. In Malta, we noticed the same need since banks in Malta started discontinuing their safe deposit services or reducing their availability as they plan to phase out their services. In fact, our vault business model is based on a similar one operated in London’s Mayfair,” explains Jeanne Borg.
“Our service is an improvement on what banks used to offer since our clients do not have limited access, they do not need to make appointments to come to the vault, we have longer opening hours and we provide complimentary insurance up to a value of €10,000.”
“Most importantly, we operate single key boxes which means that we do not have access to clients’ boxes as all keys are passed on to the client,” added Jeanne Borg.
Col Claudio Spiteri who is responsible for the security aspect, explains how the service is generating a lot of interest mainly due to the fact that it offers new levels of security beyond what the local market has been offered to date.
Whilst the vault is protected by state-of-the-art security technology provided by Pincott Security, its management is conducted by Kavallier Security Services Ltd, two highly professional and respected brand names in the local provision of security solutions.
Access to the vault is only possible through the application of finger-print technology and with keys that are solely held by the safe deposit box user.