Charles Borg has been appointed Chief Executive Officer of Bank of Valletta with effect from 19 December. He will succeed Tonio Depasquale who will be retiring following the bank’s 16 December annual general meeting.

Mr Borg’s appointment, 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.

Mr 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, a position he has held since 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 as from 19 December. 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 bank’s board of directors expressed 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 said it 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”.

“Tonio Depasquale’s foresight in this regard enabled the bank to plan for the succession in a seamless and effective manner,” the bank said in a statement.

“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.”