New executive appointments at Bank of Valletta

Bank of Valletta last week announced that Charles Borg has been appointed executive head within the CEO's Office. Kenneth Farrugia succeeds Mr Borg as BoV subsidiary Valletta Fund Management's new general manager and Anthony Scicluna has been appointed executive head, Audit.

In a short comment during his first official meeting with the three new appointees, BoV chief executive officer Tonio Depasquale augured them every success in their new roles. "You have been given new and more challenging responsibilities with a bank that itself is facing new and challenging opportunities," he said.

"These new opportunities require us to respond effectively to the changing demands of an increasingly competitive market. We are sure that, in your new roles, you will bring to bear your experience and commitment to spearhead BoV to achieve even higher goals," said Mr Depasquale.

Mr Borg joined Bank of Valletta in December 1981. After serving in a number of branches and specialised departments, he moved to Valletta Fund Management Ltd, the bank's fund management arm.

Between October 1999 and January 2005, he served as VFM's general manager. For three years between June 2001 to June 2004 he was also president of the Institute of Financial Services (Malta). In his new role as executive head in the CEO's Office, Mr Borg will be closely assisting the CEO in the bank's day-to-day operations.

Mr Farrugia joined the Bank of Valletta Group in October 1985, and in 1994 was appointed to a management position during the setting up of Valletta Fund Management.

In 1999, he was appointed VFM assistant general manager. He has furthered his studies in the areas of business management and administration, marketing and accountancy. Mr Farrugia currently delivers lectures on Investments and Risk at the Institute of Financial Services (Malta Branch).

Mr Scicluna joined the Bank of Valletta in 1984 and in 1992 joined the Bank's Internal Audit department, working mostly on audit assignments relating to treasury, stockbroking, fund management, head office departments, compliance and risk management.

He also led audit assignments at the bank's overseas representative offices in Canada, Australia, Italy and Tunisia.

Between October 2002 and December 2004 he occupied the post of head of Internal Audit.

Mr Scicluna holds a degree in business management and is also a Fellow of the Malta Institute of Accountants, a Certified Public Accountant and a member of the Malta Institute of Management.