Paul Abela, President of the Malta Chamber of SMEs, will not take on the role of Director at Lombard Bank Malta plc, the bank announced on Monday.
The initial announcement of his appointment was made last June, after he was chosen by the National Development and Social Fund (NDSF), a Government agency tasked with managing and administering contributions made through the Individual Investor Programme (IIP).
The NDSF has now notified the bank that Mr Abela is "unable to take up his position" on Lombard Bank's Board of Directors.
Last month, Lombard Bank also shared that John Bonello's appointment as Non-Executive Director, which had been announced together with Mr Abela's new role, was granted regulatory approval.
Lombard Bank Malta is an authorised currency dealer and financial intermediary, as well as a member of the Depositor Compensation Scheme and the investor Compensation Scheme. The bank’s origins date back to 1955, when Lombard North Central of the UK was active in Malta by accepting deposits through agents. In 1969, Lombard Bank Malta was registered as a wholly-owned subsidiary of the UK-based bank. It is now listed on the Malta Stock Exchange as a credit institution and an investment service provider.
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Anthea Cachia
Anthea has a passion for writing, meeting new people and telling stories. With an insatiable curiosity Anthea loves roaming localities in search of long-established small businesses. When not scribbling away on a notebook or tapping on her computer, you can find her experimenting in the kitchen or traveling.
