Finance and investment specialist Paul V. Azzopardi has been appointed CEO at Malta Development Bank (MDB), it announced on Thursday. In doing so, he takes over from Rene Saliba, following the latter’s retirement.

Mr Azzopardi has been involved with the bank since its launch in 2017, following his 2016 participation in the working group mandated to prepare the recommendations for the setting up of MDB and its related legislative and operational framework. He joined MDB early in 2020 as its first Deputy CEO.

Over the course of his career, he worked at the Malta Development Corporation, and later as a Financial Advisor, Stockbroker, as well as a Portfolio Manager of private client accounts and investment funds both in Malta and in Canada.

Mr Azzopardi also lectured at the University of Malta and the University of Toronto, School of Continuing Studies for a number of years.

Between 2016 and 2020, he was entrusted as a Director on Bank of Valletta plc’s (BOV) Board, BOV Asset Management Ltd, as well as BOV Funds Services Ltd, in which roles he chaired various board committees.

Mr Azzopardi is a Certified Public Accountant, while also having a Master of Business Administration in Finance and Investments degree from the University of British Columbia in Vancouver, Canada. He is also a Fellow at the Malta Institute of Accountants.

MDB’s Board of Directors is “confident” that his wealth of experience will help in building on the strong legacy of his predecessor so that the bank will continue to play “an ever-growing supportive role within the Maltese economy”.

Additionally, the Board also thanked Mr Saliba for his work and leadership since the inception of the bank, and for his drive throughout the years, transforming the institution into a respected stakeholder in Malta and abroad.

Established in 2017, MDB aims to offer financing facilities that support “productive and viable operations” in cases where the market is unable or unwilling to accommodate such activities on its own in whole or part. Its activities focus on assisting several market players, particularly SMEs, infrastructure projects that contribute to national or regional development, and projects that are socially-oriented, energy efficient, and environment friendly.