Bank of Valletta has announced the resignation of its chief risk officer Miguel Borg, a week after the chairman refused to confirm reports of his resignation. 

In a company announcement on the stock exchange on Wednesday, BOV said Borg resigned from his position as chief risk officer and executive director of the bank, effective from April 5.

Borg was appointed to the bank's board in 2017.

BOV said the bank is putting into place its succession plan for both positions. 

“There are no matters concerning Mr Borg that warrant any disclosure in terms of the Capital Markets Rules,” the statement read. 

“The Bank reiterates that there have been no known instances or suspicion of fraud or corruption involving the Group’s management or employees who have significant roles in internal control.

"Furthermore, there have been no known instances of non-compliance or suspected non-compliance with laws and regulations.”

Last week, BOV chairman Gordon Cordina said it was the bank's policy not to comment on individual cases. He said a company announcement would be made if appropriate. 

 Borg’s resignation was first reported by The Shift.

The BOV chairman also declined to answer questions about the bank’s exposure to a €36 million loan to Steward Healthcare, citing client confidentiality.

Cordina emphasised that decisions at the bank are not taken or dictated by any one individual.

A court last month struck down the agreement - including a deal for a €100 million termination pay-out - for Steward to run three state hospitals.

Steward has appealed the court's decision.