“Following the appointment of a group chief executive officer in July 2004, Bank of Valletta is pleased to announce further organisational changes which will continue to strengthen the separation of the role of the board of directors from that of executive management.

“While the role of the board of directors is to set strategy and exercise good stewardship and oversight, the role of management is to execute the strategy, manage the overall business and deliver the results”.

This was stated by Bank of Valletta chief executive officer Tonio Depasquale when he announced new appointments to the bank’s executive management as well as other changes.

Mr Depasquale announced the appointment of three new chief officers to the bank’s executive management team.

With immediate effect, Victor Denaro has been appointed chief officer responsible for information technology, Mario Mallia has been appointed chief officer responsible for finance and John Soler has been appointed chief officer responsible for credit.

Together with three other chief officers, namely Tony Camilleri, responsible for financial markets, John Cassar White responsible for risk management and Igino Xuereb, responsible for operations, they will form the new executive committee of BOV. Dr Michael Borg Costanzi, executive head, legal office, will also be a member of the executive committee while Charles Borg, executive head at the CEO’s office has been appointed secretary to the committee.

Prior to joining the bank on 1 September 1993, Victor Denaro held key IT positions with local and foreign financial institutions. He has held a number of key senior positions in the bank, the most recent being that of executive head of information technology to which position he was appointed on 1 December 1998. As chief officer information technology, Mr Denaro is responsible for the IT systems, IT operations and multi channel banking.

Mario Mallia joined the bank on 20 September 1979. He has held a number of key senior executive positions in the bank, the most recent being that of executive head financial reporting, to which position he had been appointed on 1 October 2003. As chief officer finance, Mr Mallia is responsible for financial management and reporting.

John Soler joined the bank on 16 September 1968. He also has held a number of key senior executive positions in the bank, the most recent being that of executive head recoveries, to which position he was appointed on 1 February 2005. As chief officer credit, Mr Soler is responsible for consumer, business and corporate lending, mortgages and recoveries.

During an informal meeting with the new chief officers, Mr Depasquale wished them every success in their new roles.

“You have been entrusted with positions that offer more challenging responsibilities and opportunities,” said Mr Depasquale, who went on to express his confidence that the new executive management team will continue to contribute towards the sustained success of the Bank of Valletta Group.