Updated: Bank of Valletta chairman resigns

(Adds minister's statement)

Bank of Valletta chairman Roderick Chalmers this morning resigned 'for personal reasons'.

In his letter to Finance Minister Tonio Fenech, Mr Chalmers referred to the tragic loss of his younger son Alistair earlier this week, and said that, as a result, he decided to significantly reduce his business and other public commitments with immediate effect.

"This will enable me to spend more time with my wife Mary Rose and our family at this most difficult time, and to begin to try to pick up the pieces of our shattered lives.

"Throughout my 40 plus years of professional life, Mary Rose has provided me with unconditional support – and has been a hugely effective ambassador for every organisation with which I have been involved. It is now time for me to provide her with that same unconditional support at this very difficult stage in our lives."

Mr Chalmers said it had been an honour and a privilege to serve as chairman Bank of Valletta the past eight years.

"I have no doubt whatsoever that the extremely talented and committed team of senior executives and staff, ably led by Charles Borg, will ensure that the Bank will continue to develop, prosper and grow as Malta's leading financial institution.

"I am of course at your disposal to effect a smooth handover to whomsoever you elect to appoint in my stead - and to provide whatever assistance is required and necessary to secure an orderly transition," Mr Chalmers wrote.

Finance Minister Tonio Fenech said in a statement this afternoon he took  note of Mr Chalmers’ request and accepted his decision with regret.

He expressed his full understanding for the decision taken in such difficult circumstances.

The minister thanked Mr Chalmers "for his sterling contribution towards Bank of Valletta and to Malta’s financial services sector over the past years, during the world’s worst ever financial crisis in living history."

Throughout his tenure, Mr Chalmers led BOV in its efforts to steer away from the international financial crisis that resulted in the collapse of long-established financial institutions.

"To the contrary, BOV has gone through a very rigorous stress test by the European Banking Authority and it has always come out as one of the best banks in Europe in terms of the strength of its capital and liquidity ratios and with the way it has introduced its control measures.

"Thanks to Mr Chalmers’ efforts, BOV as the largest financial services institution, is playing a leading role in the development of Malta as a financial services centre, which is managing to attract foreign companies to Malta to operate from here, which has yielded significant benefits in terms of foreign revenue and employment."