injected Lm3.3 million (equivalent to €7.7 million) into the new Bank in return for a 60 percent share of the capital. The Malta Development Corporation took up the remaining 40 percent, and in time sold 20 percent to the Banco di Sicilia and 10 percent to the Maltese public. In 1986, the Bank inaugurated its first overseas representative office. In 1990, the Maltese government reduced its stake in Bank to 51 percent by issuing and offering 4.9 million shares to the public. That same year Bank of Valletta launched its fully owned investment bank - the subsidiary Valletta Investment Bank. In 1992, Bank of Valletta International started operating. This wholly owned international banking subsidiary of the Bank of Valletta Group was Malta's first Offshore Bank. That same year Bank of Valletta became the first bank to be listed on the Malta Stock Exchange. In 1995, Bank of Valletta and Insight Investment Management Limited established the Valletta Fund Management. In September 2000, BOV set up its stockbroking arm, BOV Stockbrokers Limited ("BOVSL"). In time, Bank of Valletta amalgamated Bank of Valletta International Limited, Valletta Investment Bank Limited, Card Services Limited, and BOVSL. Bank of Valletta continued to evolve its internationalisation through the opening of other representative offices in the Euro-Mediterranean region, though it closed the representative offices in Cairo and Tunis in 2011. With Malta's accession into the European Union, Bank of Valletta has become an active member of the European Savings Banks Group. On 9 January 2014, a Maltese court found that the shareholders of the National Bank of Malta had suffered human rights abuses when the government of Malta had in 1975 forced them to sign away their shares for zero compensation. On 6 February 2014, a Maltese court again found that shareholders of the National Bank of Malta had their rights violated when their assets were taken by the Government of Malta. The government of Malta appealed these decisions, both the Constitutional Court of Malta has now confirmed the judgements of the previous courts. Shareholders will be able to negotiate a compensation package that is likely to involve Bank of Valletta shares. Shareholding In 1992, the Bank became the first public company to be listed on the Malta Stock Exchange. Presently, 25% of the Bank's equity is held by the Government of Malta, UniCredit S.p.A. holds 10.20% and the remaining 64.80% is in the hands of the general