After 37 years' service to Bank of Valletta Group, company secretary Victor J. Caruana is to resign on September 30, according to a company announcement on the Malta Stock Exchange.

Subject to regulatory approval, the board of directors has appointed Catherine Formosa company secretary of Bank of Valletta plc, and its subsidiaries Valletta Fund Management Ltd, Valletta Fund Services Ltd, and BoV Investments Ltd.

Dr Formosa, 34, graduated Doctor of Laws from the University of Malta in 1999 and worked within the Tax and Legal Department of PricewaterhouseCoopers before joining the bank in 2000.

Dr Formosa has headed the bank's Legal Advice, Garnishee Orders and Succession Section at the Legal Office. She was also responsible for advising on EU law compliance issues, and lectures at the bank's Training and Consultancy Unit. Dr Formosa is the Malta Bankers Association representative on the European Banking Federation's Consumer Affairs Committee and is a member of the bank's New Product Approval Committee. She also heads the bank's current Payment Services Directive Impact Assessment Team.