BOV announces new management board

Bank of Valletta announced three new appointments to conclude the setting up of its new management board. The Chief Finance Officer is Elvia George, Miguel Borg is Chief Risk Officer, whilst Kenneth Farrugia has been appointed as Chief Business Development Officer.

As Chief Finance Officer, Elvia George will be responsible for the financial governance of the BOV Group including statutory and regulatory reporting, management reporting, budgets and forecasts, investment appraisal, taxation and investment operations.

In his role of Chief Risk Officer, Miguel Borg will be responsible for the measurement and management of all financial and non financial risk of the BOV Group including credit risk, operational risk, conduct risk, reputational risk, banking regulation, capital management and economic research.

As Chief Business Development Officer, Kenneth Farrugia will be responsible for the improvement of the Bank’s market position and the achievement of financial growth, including long-term strategic business goals, key customer relationships, business opportunities and monitoring of current market conditions.

These appointments, together with the recent appointment of Mario Mallia to the post of Chief Operations Officer, complete the setting up of the Management Board, which is the highest management decision-making body within the Bank.

The new management structure, led by Chief Executive Officer Charles Borg, will be aiming to sharpen the Bank’s focus on strategic planning, whilst aligning the Bank’s governance framework to current European regulation and global best practice.

This restructuring of the governance framework aims to facilitate the overriding strategic objective of the Bank, which is the creation of long-term sustainable value in the interest of the business and its stakeholders. The governance framework will be kept under constant revision in line with changing business and regulatory exigencies.