Kenneth Farrugia
Bank of Valletta
Chief Executive Officer
A leading figure in Malta’s financial services industry, Kenneth Farrugia is the Chief Executive Officer of Bank of Valletta. In this interview with Boris Plantier of Qorus, he shares his experience, giving us a window into his leadership style and life beyond the office.
Please tell us a little bit about your background.
I began my career at Bank of Valletta in 1985 and progressed through the ranks in various roles over the years. I occupied executive positions in the Bank’s asset management arm, as well as retail and credit areas, up until my appointment as Chief Executive Officer in September 2022. I am currently also director on the board of directors of BOV Fund Services Limited, BOV Asset Management Limited, MAPFRE MSV Life plc, as well as Chair of the Malta Bankers Association. I also sit on the board of directors of the European Banking Federation and the European Savings and Banking Group. I am an alumnus of Harvard Business School, having completed the General Management Program. Over the course of my career so far, I have held various positions related to the financial services industry. These include Chair of the Malta Asset Servicing Association, Board Member of the European Fund and Asset Management Association, Chair of FinanceMalta, and Chair of Malita Investments plc.
What does your workplace look like?
Bank of Valletta has embraced modern work practices, and our offices today consist of modern, open-plan spaces designed to offer our employees a fresh and comfortable work environment. Over the past years we embarked on a number of renovation projects, through which our traditional offices and branches have now been transformed into state-of-the-art setups, incorporating environmentally friendly fixtures and furnishings, modern lighting, and efficient office management systems. We have also included the concepts of standalone meeting pods, breakout areas, and parking facilities to cater for the needs of our diverse workforce.
Could you describe your usual working day?
I normally wake up early and head off to the gym for a refreshing workout. This sets me up for the day and gives me the boost necessary to tackle the high demands that a role of CEO brings with it. I then move on to tackle the urgent demands and emails that I find waiting for me and head off to my first meetings. The day includes visits to offices and branches to meet employees, as well as meetings with clients that keep me abreast of the needs and demands of our high value business clients. I spare some time towards the end of the day to review pending items and then head home for some much-needed downtime.
What is your favorite food?
When it comes to food, I have a particular fondness for Asian and Mediterranean cuisines. Dishes from these regions are not only flavorful but also tend to be fresh and balanced, making them both enjoyable and satisfying. Whether it's a light Mediterranean salad with olives and feta, or a vibrant Asian stir-fry bursting with spices, I appreciate how these culinary traditions celebrate quality ingredients and wholesome cooking methods.
What do you do when you need a break from work?
I rarely need time away from work, as work invigorates me and tackling issues gives me energy and motivation. However, regular exercise is an exceptionally good distraction from the day-to-day. Other activities that give me pleasure are participating with staff in outdoor activities organized by the Bank’s Sports and Social Club, as well as following my favorite football team in their endeavors.
What is the key to building a successful team?
Leading people is not an easy task. However, there are some principles that I abide by that are key to building a successful team. The first is choosing the right people for the job, people with the right knowledge and skills to carry out the tasks with which they are entrusted. Another is empowering people to take decisions and action, coupled with responsibility and accountability. Incorporating metrics into a team’s work is also key, because if it is not measured, it does not get done. Teams must also have clear objectives and common goals, together with the right tools to help them achieve these goals. Finally, and most importantly, the key to building a successful team is to invest in people and their well-being, giving encouragement, praise, and guidance when required. My mantra is to take care of your people because your people will, in turn, take care of your customers and your business.
There is a saying that we learn more from failure than success. Tell me about one of your failures and what you have learned from it.
One significant learning experience came from our centralization of account-opening project, which unfortunately did not deliver the operational metrics we had targeted. Reflecting on this, it became clear that we had underestimated the importance of thoroughly testing the process before full implementation. The absence of robust, hardcoded procedures to govern the workflow led to inconsistencies and inefficiencies that could have been avoided. From this experience, I have learned the critical value of rigorous pre-launch and pilot testing and the necessity of establishing clear, enforceable procedures from the outset. Ensuring that these frameworks are in place not only mitigates risk but also sets the foundation for achieving desired outcomes in future projects.
What advice would you give to someone who wants to succeed in financial services?
The financial services industry has been changing and evolving over the years. To be successful, one must firstly have passion for the industry and have a thirst for knowledge and continuous improvement. Specialization is important, but not at the expense of widening one’s skills in the various aspects of the industry. It is also important to be bold and never shy away from challenges or failures, as these will ensure growth and ultimate success.
Read more of these interviews - Learn from the best!