New Bank of Valletta chief executive is Mario Mallia

Bank of Valletta has announced that the Board of Directors has resolved to appoint Mario Mallia as Chief Executive Officer with effect from 1 January 2016.

Mario Mallia succeeds Charles Borg, who will retire from the Bank on the 31 December 2015 following the expiry of his contract and his application to take up early retirement.

Mallia joined Bank of Valletta in September 1979. He has been a member of the Bank’s Management Board since 2005, during which time he has occupied the posts of Chief Finance Officer, Chief Risk Officer and Chief Operations Officer. He is chairman of the Asset and Liability Committee (ALCO) of the Bank, and a director on the boards of MSV Life p.l.c. and of Valletta Fund Services Ltd. He is a Certified Public Accountant by profession, and is a Fellow of the Malta Institute of Accountants.

Bank sources told MaltaToday that current CEO Charles Borg will get a tax-free, early retirement payment of €270,000, but he will be retained as a consultant with the bank for one year at a fee of €30,000.

He will also continue to serve as director on three bank subsidiaries, with an additional annual remuneration of €25,000.

If Borg had opted to stay on, stepping down from CEO and returning to his former post of chief officer, he would have still received a hefty salary of €90,000 plus any increases that would have been granted as a result of a new collective agreement.