The board of HSBC Bank Malta plc has approved the appointment of Alan Richards as the bank's new chief executive officer. The appointment is subject to formal regulatory approval.

The announcement was made at HSBC Malta's annual general meeting at the Hilton Conference Centre on Friday.

Mr Richards has been at HSBC for 24 years. His latest appointment was director and deputy chief executive officer at HSBC Australia.

HSBC Malta chairman Albert Mizzi advised that outgoing CEO Shaun Wallis will be moving to another senior position within the HSBC Group to be announced by London at a later date.

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