HSBC Bank Malta announced today that the majority shareholder is appointing John Bonello as chairman of the Bank.

In a statement on the Malta Stocke Exchange, HSBC said Bonello (above, left) was appointed as non-executive Director of the Bank in July 2013 and is presently Chairman of the Bank’s Audit Committee and Member of the Bank’s Risk Committee. Bonello’s appointment will become effective upon approval by the Regulator. Portelli (right) will be retiring as chairman and director of the bank upon Regulatory approval of the new chairman.

Andrew Beane, executive Director and Chief Executive Officer of the Bank, said: “I would like to pay tribute to our Chairman, Sonny Portelli, after 12 years of service. Sonny has chaired our Bank with distinction through a period of unprecedented change in the financial services industry. He leaves with our thanks and admiration, and we wish him and his family well for the future. I am delighted to congratulate John Bonello on his appointment, subject to regulatory approval, as the next Chairman of HSBC Malta. John has been a non-executive Director of HSBC Malta for nearly six years and already knows our business very well. The high regard with which John is held locally and across the HSBC Group makes him ideally placed to lead HSBC Malta’s Board in the next phase of our strategy