Leo Brincat appointed chairman of the Malta Development Bank

The Minister for Finance and Employment has appointed former Labour minister Leo Brincat as the new Chairman of the Malta Development Bank.

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

Mr Brincat 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. He has also served as Chairman of the Public Accounts Committee, as 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 Bankers and an Officer of the National Order of Merit (Malta).

The Bank wished to express its thanks to outgoing Chairman Prof Josef Bonnici who was instrumental in the setting up of the Bank and the growth it achieved in its first six years of its existence.

In addition, the Bank welcomed the appointment of two new Directors, Mr Victor Carachi, from the trade unions sector, and Mr Norbert Grixti, from the private corporate sector, while thanking outgoing Board members Mr William Spiteri Bailey and Prof Philip Von Brockdorff for their contribution during the past years.

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