HSBC Bank Malta Chairman John Bonello to step down

John Bonello, Chairman at HSBC Bank Malta plc, has announced his intention to step down from his position after sitting on the bank’s Board of Directors for 11 years.

The decision was announced during the bank’s Annual General Meeting (AGM) held earlier on Thursday (today), where a number of resolutions were approved.

Mr Bonello, stated that decision comes as he has served on the Board of Directors for so many years, and also to be “in line with international best practice.”

He will step down from the position once the majority shareholder of the bank appoints another Director to take on the role, following receipt of regulatory approval.

Mr Bonello, a chartered accountant and certified public accountant, first joined HSBC Bank Malta’s Board of Directors in 2013, when he was named Non-Executive Director. In 2019, he was appointed Chairman following the departure of Sonny Portelli, who himself had served at the bank for 12 years.

Prior to his time at HSBC Bank Malta, Mr Bonello had served as Chairman and Senior Partner at PwC Malta, retiring from this post in December 2009.

During the AGM, HSBC Bank Malta’s shareholders approved all of the ordinary and extraordinary resolutions, including the approval of a final gross dividend of €0.09 per share, representing a final gross payment of €32.4 million, as was recommended by the Board of Directors in the Annual Report last February.

Given that Mr Bonello will remain Chairman at HSBC Bank Malta for the time being, the Board of Directors of the bank is now made up of Mr Bonello as Chairman, CEO Geoffrey Fichte and Michel Cordina as Executive Directors, together with Ingrid Azzopardi, Alexiei Dingli, Manfred Galdes, Maria Micallef, Malcolm Miller, and Terecina Kwong as Non-Executive Directors.