Bank of Valletta has announced the resignation of Chief Risk Officer and Executive Director Miguel Borg.

The announcement, posted to the Malta Stock Exchange, states that the resignation is effective from 5th April (today).

“The Bank is putting into place its succession plan for the positions of Chief Risk Officer and Executive Director,” it said.

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

Referring to widely circulating rumours over the last days – which had even forced Mr Borg to take legal action – BOV said it “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.”

The bank thanked Mr Borg for his “valuable contribution and hard work” throughout his years at the Bank and wished him “every success in his future endeavours”.

Mr Borg joined BOV in 2007, rising through the ranks as Executive Head Risk Management and Chief Economist before being appointed Chief Risk Officer in December 2014.

In his role, Mr Borg was responsible for the measurement and management of all financial and non-financial risk of the BOV Group, including credit risk, operational risk, conduct risk, reputational risk, banking regulation, capital management and economic research.

He also served as the Deputy Chairman of the Executive Committee and chaired a number of committees including the Credit Committee.

He is also a Director of BOV Asset Management Ltd, MIMCOL, and Chair of the Risk Committee of MAPFRE MSV Life plc.

It is unclear whether he will retain these roles.