Bank’s snap reappointment of CEO in damage control over property fund

The public feud on the property fund was sparked by a judicial protest by some 300 investors who say €50 million of its value was wiped out when the bank invested 41% of the fund on the Jersey-based Belgravia Group started going belly-up.

Investors also claim that BOV never informed them that Belgravia had been placed under criminal investigation on suspicion of fraud, before Belgravia closed shop in late 2008.

According to Chalmer’s internal communication to staff in October 2009, “the financial crisis that the banking sector passed through…placed a premium on stability and continuity.”

This year, in his internal communication to staff on October 4, Chalmers makes no commitment to any future retirement plans for Depasquale.

“Although the board remains entirely satisfied that we have a number of strong internal candidates who would be well able to succeed Tonio Depasquale as CEO, it has been decided to invite Tonio to extend his contract as CEO for a further term.”