Albert Mizzi steps down from HSBC chairmanship, Sonny Portelli appointed

HSBC Bank Malta has announced that Albert Mizzi will be retiring as chairman and director of the bank on 31 May, after 14 years.

"I always believed life is about priorities and at present my priority is my wife. Now is the time to look after her and give her my support," Mizzi said in a statement.

At the close of today's market, one trade of 5,500 HSBC shares was carried out, dropping share price by 1c.

In his career, the entreprenuer led many business organisations and was the founding chairman of national airline Air Malta.

"It has been a great honour and privilege to have worked with the HSBC Group, of which the bank in Malta is an important part of its European operations. The arrival of HSBC in 1999 has helped change the landscape of banking in Malta and to have been part of this process has been one of the highlights of my career," Mizzi said.

Mark Watkinson, director and Chief Executive Officer of the bank, said: "We are extremely grateful to Mr Mizzi for his dedicated and loyal service as chairman of the bank. Mr Mizzi's outstanding stewardship has been instrumental to build our business into what it is today. I know that both myself and the previous four CEOs of the bank have relied on his wise counsel and support over the years. The very best wishes from the whole HSBC team go to Mr Mizzi and his wife Elda".

Following the retirement of Mizzi, Sonny Portelli will be appointed non-executive chairman of the bank. Portelli is currently a non-executive director of the bank and chairman of the audit and risk committee. Portelli's appointment will take effect from 31 May 2013.

Jim Leng, chairman of HSBC Bank p.l.c, thanked Mizzi for his strong leadership over the last fourteen years. "These have been challenging times for the banking industry in Europe and Albert Mizzi has made an outstanding contribution to our business. I very much look forward to working with his successor Sonny Portelli and wish Albert and his wife Elda a happy retirement."