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Bank of Valletta has announced that its Board of Directors has approved the appointment of Tonio Depasquale as Chief Executive Officer of the Bank.
As CEO, Mr Depasquale is responsible for the overall conduct of the operations of the Bank and its management. He is also responsible for the Bank’s executive conduct, its administration and organisation as well as the administrative conduct of all its officers and other employees.
Addressing the Board following the appointment, BOV Chairman Joseph F X Zahra congratulated Mr Depasquale on his new appointment and augured him every success in his new role. He explained how Mr Depasquale holds the experience and qualities required to spearhead the operations of the Bank, contributing towards the continued future success of the organisation.
He adds, “With the appointment of the Chief Executive Officer, the Board of Directors of Bank of Valletta p.l.c. has completed the appointments in the Bank’s senior management structure. This appointment has also further outlined the distinct functions undertaken by the Board of Directors, which deliberates and decides policy, and the Bank’s Management, which executes and implements the policy set.”
Another important aspect of this appointment is the Bank’s further compliance with the “Code of Principles of Good Corporate Governance”. This Code is part of the MFSA Listing Rules and seeks the separation of the functions undertaken by the Chairman of the Board and those functions assigned to the Chief Executive Officer.
Commenting on his new appointment, Mr Depasquale thanked the Board of Directors for the confidence they have shown by appointing him as CEO of Bank of Valletta p.l.c. He said that he was eager to take on his new responsibilities and that he will work to contribute further towards the sustained growth of the Bank.
Tonio Depasquale was appointed Chief Officer – Credit Management and Retail Business of Bank of Valletta plc in 2002. He had joined the Bank in 1969 and has since held a series of senior management positions within the Group. In 1979 he was appointed Assistant Head of the Bank’s Internal Audit and Inspection Department. Six years later he was assigned the duties of Assistant General Manager with the responsibility of the Bank’s lending portfolio.
In 1995 he was appointed General Manager of Valletta Investment Bank Ltd, which was then the corporate finance subsidiary of Bank of Valletta. He was responsible for the introduction of investment banking and other relative services within the Group, and also spearheaded the setting up of BOV Stockbrokers Ltd in 2000. He also has considerable experience in fund management and sits on the board of Valletta Fund Management Limited, as well as two main SICAVS of the Group.
Earlier during this year, he was responsible for the acquisition by Bank of Valletta of an equity stake in the European Investment Fund, which is the EU’s specialist financial institution for SMEs.
Mr Depasquale has taken part in a number of delegations to promote Malta and the Bank during trade visits overseas. He has delivered keynote speeches in a number of local and overseas conferences including the European Business Summit in 2002 and the EFMA conference on Consumer Lending in Paris in 2003.
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