Former Central Bank governor appointed Lombard chairman

Former Central Bank Governor Michael C. Bonello has been appointed non-executive chairman of Lombard Bank, the owners of Maltapost plc.

Bonello will take up the position vacated by former chairman and Lombard director Christian Lemmerich, who retired on the 2013 annual general meeting.

Bonello, 68, is also a director of Island Hotels Group Holdings plc and Global Mediscience Fund Sicav plc.

Lombard Bank 2012 financials [PDF]

In 2012, the bank posted a pre-tax profit for the group of €9.4 million, down 14.9% on 2011, mainly attributable to the effect of non-recurring transactions in 2011 and the adverse movement in international postal tariffs.