BOV Chairman Roderick Chalmers, announced yesterday that the board of directors of Bank of Valletta plc has renewed the contract of Tonio Depasquale, as Chief Executive Officer, for a further period through to November 2009.

“In July 2004, Tonio Depasquale was appointed Bank of Valletta’s first Chief Executive Officer under a three-year contract. Since that time, he has led the bank with great distinction and ability – using his many years of experience to preside over the implementation of many new initiatives, as we sought to meet the challenges of a rapidly-changing business environment,” said Roderick Chalmers.

“The much-improved results achieved by the bank are an eloquent testimony to his leadership, the effectiveness of the senior executive management team, and the hard work of all who work at the Bank of Valletta group,” he added.

On behalf of the board of directors of Bank of Valletta, Mr Chalmers congratulated Tonio Depasquale on his re-appointment and wished him every possible success with his continuing endeavours for the bank.