Bank of Valletta chairman Taddeo Scerri will be resigning as of May 15.

In an announcement on the Malta Stock Exchange, the bank said Scerri had informed the government, as the shareholder appointing the chairman, of his decision.

Bank CEO Rick Hunkin said Scerri would be resigning to spend more time with his family. 

"Deo has been a leader of our business for over 7 years and has made a massive contribution to the Bank. On behalf of all staff, I thank him and wish him well for the future," Hunkin said.  

The government will be nominating a chairman to be appointed on the bank’s board of directors in accordance with the terms of the bank’s memorandum and articles of association.

Scerri, a qualified accountant, was appointed chairman in December 2016.

Previously, he was the financial expert on the local UEFA Clubs Licensing Board and of the Malta Football Association’s finance committee.

The announcement came on the same day that Bank of Valletta announced its 2019 financial results.

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