Bank of Valletta on Thursday refused to confirm the resignation of its chief risk officer Miguel Borg.

Borg, who is also an executive director, was not be present for the presentation of the bank’s financial results for 2022.

Asked about reports of Borg’s resignation, BOV chairman Gordon Cordina said it is the bank’s policy not to comment on individual cases.

Times of Malta is informed that a succession plan is already in place once Borg’s resignation, first reported by The Shift, is formalised.

Cordina said a company announcement will be made if and when appropriate. 

Borg sits on numerous internal bank committees, including as deputy chairman of the executive committee and chairman of the credit and risk committees.

He was appointed to the bank’s board in 2017.

The BOV chairman also refused to weigh in on questions about the bank’s exposure to a €36 million loan to Steward Healthcare, citing client confidentiality provisions.

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

The government is potentially on the hook for the loan, following the termination of the hospital concession agreement with Steward.

A court last month struck down the concession agreement as well as a side letter that would have rewarded Steward with a €100 million government pay-out due to the termination.