New executive structure at bank

Bank of Valletta has appointed three new chief officers to the executive management team.

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

Together with three other chief officers, namely Tony Camilleri, responsible for financial markets, John Cassar White for risk management and Igino Xuereb for operations, they will form the new executive committee of BOV.

Michael Borg Costanzi, executive head, legal office, will also be a member of the committee while Charles Borg, executive head at the CEO's office, has been appointed secretary.

Tonio Depasquale, the bank's chief executive officer, said the organisational changes 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," he said.

Prior to joining the Bank on September 1, 1993, Mr 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 information technology.

Mr Mallia joined the bank on September 20, 1979. He has held a number of key senior executive positions, the most recent being that of executive head financial reporting. As chief officer finance, Mr Mallia is responsible for financial management and reporting.

Mr Soler joined the bank on September 16, 1968. He has held a number of key senior executive positions in the bank, the most recent being that of executive head recoveries. As chief officer credit, Mr Soler is responsible for consumer, business and corporate lending, mortgages and recoveries.