Bank of Valletta, in a statement on Friday, advised that its USD correspondence relationship with Raiffeisen Bank International is being extended by two months to the 31st of May.
The Bank announced in October [1] last year that Raiffeisen Bank International had advised BOV that it is seeking to terminate its US$ correspondence relationship with effect from the 31st of March.
At that time, BOV said that it was “in discussions with Raiffeisen regarding the ongoing correspondent banking relationship supporting US$ payments with a view to satisfying any concerns and restoring the position.”
Meanwhile the Bank said today that it “is making progress to source alternative arrangements for its USD correspondent transactions.”