Francis Vassallo will not be seeking re-election as chairman of Mediterranean Bank, in order to devote more time to his charitable work, the bank announced today.

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Mr Vassallo, a former Governor of the Central Bank of Malta, will continue to serve as chairman until the approval of the bank’s annual report for financial year ending March 31, 2016.

In November Mr Vassallo became a professed Knight of the Order of St John.

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