The two largest banks yesterday announced the appointment of new chief executive officers.

Charles Borg succeeds Tonio Depasquale at Bank of Valletta. Mr Depasquale will retire after the bank’s annual general meeting on December 16.

BOV said the appointment of Mr Borg, subject to regulatory approval, “follows a comprehensive evaluation and consultative process that was carried out by a special sub-committee of the board”.

At HSBC, Mark Watkinson succeeds Alan Richards who moves to Indonesia also as CEO.

Mr Watkinson heads HSBC’s commercial banking for North America and is based in New York. He has worked for the bank for 26 years.

Mr Richards will take up his new position in Jakarta at the beginning of 2012 and will hand over responsibilities in Malta to Mr Watkinson in the coming weeks.

BOV also announced the appointment of Romeo Cutajar as chief officer of financial markets and investments, who will succeed Mr Borg.

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