BOV CEO Kenneth Farrugia elected to chair Malta Bankers’ Association for two-year term

Kenneth Farrugia, CEO Bank of Valletta plc, has been elected Chair of the Malta Bankers’ Association (MBA), with a term until 2026.

His appointment was announced following an election pursuant to the Association’s Annual General Meeting held on 19th June 2024.

Henry Schmeltzer, Director at MeDirect Bank (Malta) plc, was re-elected Deputy Chair for the same period.

Mr Farrugia thanked the Association’s members for their support and confidence and pledged to continue to steer the Association through these increasingly challenging and rapidly changing times.

He paid tribute to the outgoing Chair and Deputy Chair, Marcel Cassar and Mr Schmeltzer respectively, for their support and stewardship of the MBA over the past years, which he said has served to greatly increase the Association’s presence and outreach with its stakeholders.

Mr Farrugia also commented that he is very glad to continue to work with Mr Schmeltzer, in continuation of his role of MBA’s Deputy Chair.

Kenneth Farrugia sits on Bank of Valletta Group’s Board of Directors, chairs the Executive Committee and is a member of several management committees. Mr Farrugia is also a director on the Board of Directors of BOV Fund Services Limited, BOV Asset Management Limited and MAPFRE MSV Life plc.

Mr Farrugia began his career at Bank of Valletta in 1985 and has occupied various executive positions covering the bank’s asset management, retail banking and credit business areas. Over the course of his career, he has also held various financial services related industry positions, including Chair of the Malta Asset Servicing Association, Board Member of the European Fund and Asset Management Association, Chair of FinanceMalta, Malta’s national promotional body for the financial services industry, as well as Chair of Malita Investments plc, which is listed on the Malta Stock Exchange.

Kenneth Farrugia is an alumnus of Harvard Business School having completed the General Management Program.

In his capacity as MBA Chair, Kenneth Farrugia will also represent the Association on the Board of the European Banking Federation (EBF), of which the MBA is a full member. The EBF unites 32 national banking associations in Europe that represent some 3,500 banks employing about 2.7 million people and extending over €23 trillion in lending to the European economy. It is actively engaged in advocacy and the support of policies that foster economic growth and jobs.

Henry Schmeltzer founded and managed the European ABS and Illiquid Credit structuring and execution businesses at UBS, including development of the synthetic ABS and ABS derivatives businesses, non-recourse senior funding structures and asset origination strategies and structures. Before joining UBS, he ran credit structuring and origination businesses at Swiss Re London, Merrill Lynch London and Lehman Brothers London and New York.

Prior to becoming a banker, Mr Schmeltzer was an attorney in New York, leaving the law firm Brown & Wood as a partner. He holds an MBA (Finance) from the New York University, a JD from the University of Chicago and an AB (magna cum laude) from the Woodrow Wilson School of Princeton University. He was awarded CFA designation and is a member of the bar of the State of New York.