Bank of Valletta appoints new CEO

Borg succeeds Tonio Depasquale who will retire following the 2011 AGM on December 16.

The appointment of Charles Borg, which is subject to regulatory approval, follows a comprehensive evaluation and consultative process that was carried out by a special sub-committee of the Board.

Charles Borg joined the bank in 1981, and has held a number of key senior executive positions within the bank.  He is currently Chief Officer responsible for financial markets and Investments, having been appointed to that post in 2007.  He also sits on the Bank’s Credit Committee, which is responsible to the evaluation and approval of the more material credit proposals.

The board also announced the appointment of Romeo Cutajar as Chief Officer financial markets and investments in succession to Charles Borg. This appointment, which is subject to regulatory approval, is also effective 19 December 2011. Romeo Cutajar joined the bank in 1981 and is currently executive head in the financial markets and investments unit. He also acts as secretary to the executive committee.

The board registered its sincere thanks and appreciation to Tonio Depasquale for his 42 years of service to the bank – the last seven of which were as CEO.

“The Board was especially appreciative of the work undertaken by Mr Depasquale in building up a strong cadre of Chief Officers – a group that works very effectively together in the Executive Committee as the top leadership team of the Bank,” the bank said in a statement.

“Tonio Depasquale’s foresight in this regard has enabled the Bank to plan for the succession in a seamless and effective manner.  The Board is confident that Charles Borg will enjoy the full support of all his colleagues on the Executive Committee – and of the senior management and staff at the Bank.”