Raiffeisen Bank International has advised the Bank of Valletta that it is seeking to terminate its US$ correspondence relationship with the Bank with effect from the 31st of March 2021.
BOV said in a statement that it is in discussions with Raiffeisen regarding the ongoing correspondent banking relationship supporting US$ payments with a view to satisfying any concerns and restoring the position.
The Bank added that it is also actively considering alternative routes to diversify the available channels for the payment of US$.