Economist Gordon Cordina has been appointed Bank of Valletta’s new chairman with effect from October 7 following Taddeo Scerri’s resignation, effective on May 15.
In a notice on the Malta Stock Exchange, the bank said that the appointment is subject to regulatory approval and that Cordina will be fulfilling a six-month cooling-off period, in view of his recent position as director of another local credit and financial institution.
Cordina has served as a non-executive director at HSBC Malta since February 2017.
He was nominated to replace Scerri as the chairman of BOV by the government, which is the bank's single-largest shareholder.
The Cambridge University-educated economist's professional experience spans 25 years covering banking, policy-making, academia and private sector consultancy.
His main area of academic interest is the growth and macroeconomic dynamics facing economies that are prone to heightened risks.
Cordina has several years of board and risk committee experience in major financial institutions in Malta. He served as manager of the Central Bank’s Research Department, director general of the National Statistics Office, head of the University of Malta's Economics Department and was economic advisor to the Malta Council for Economic and Social Development.
Through the private consultancy firm he co-founded in 2006, he is involved in a number of local and international research projects and consultancy assignments with institutions including the European Commission, government ministries and authorities, NGOs and private sector entities. He is a visiting senior lecturer at the University of Malta.
In a statement, the General Workers' Union congratulated Cordina on the appointment and thanked outgoing chairman Scerri for his "total commitment towards better conditions of work for employees".
Alfred Lupi to serve as interim chairman
For the duration of his six-month cooling-off period, Alfred Lupi is being nominated interim chairman with effect from May 16, also subject to regulatory approval.
Lupi was appointed to the board of Bank of Valletta in December 2015 and currently chairs the audit committee and is a member of the remuneration committee.
He is an accountant by profession, with a degree in economics. He was chief financial officer in two major companies in Malta and executive chairman of Pavi Shopping Complex.
Lupi was a non-executive director of the Central Bank, chairing its audit committee, and also served as acting governor.
For a number of years, he chaired the Accountancy Board and was subsequently a member of its Quality Assurance Oversight Committee.