Leo Brincat named Chairman at the Malta Development Bank

The Malta Development Bank (MDB) on Wednesday welcomed the appointment of Leo Brincat as its new Chairman. The appointment was made by Minister for Finance and Employment Clyde Caruana.

Mr Brincat brings a wealth of experience from Malta and abroad to the bank. He is a former banker by profession and recently served as Malta’s Member at the European Court of Auditors, a role in which he was entrusted with several high-profile responsibilities.

He is also a former Government Minister, having held two major portfolios, those for Finance and Commerce, as well as for Sustainable Development, Climate Change and the Environment. Mr Brincat has also served as Chairman of the Public Accounts Committee, Chairperson of the National Audit Office Accounts Committee, and was a Member of the Foreign and European Affairs Committee of the House of Representatives. He is a Fellow of the Institute of Financial Services, an Associate of the Chartered Institute of Banks, and an Office of the National Order of Merit (Malta).

The bank expressed thanks to outgoing Chairman Josef Bonnici, who it described as “instrumental” in the setting up of the bank and the growth it achieved in the first six years of its existence.

Additionally, MDB also welcomed the appointment of Victor Carachi and Norbert Grixti as Directors. Mr Carachi hails from the trade unions sector, serving as President of the General Workers’ Union, while Mr Grixti comes from the private corporate sector.

The bank also thanked outgoing Board Members William Spiteri Bailey and Philip von Brockdorff for their contribution during the past years.

Following these appointments, Mr Carachi and Mr Grixti join Rose Mary Azzopardi, Anthony Valvo, Steve Ellul and Michele Cardinali as Directors on the Board of the MDB, chaired by Mr Brincat.