company-announcement---full

Company Announcement

The following is a company announcement issued by Mediterranean Bank plc (the “Bank”) pursuant to the Malta Financial Services Authority (“MFSA”) Listing Rule 5. 

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Board Changes

Frederick Mifsud Bonnici, an independent non-executive director and chairman of the Audit Committee of Mediterranean Bank plc, informed the Board of Directors of his intention to resign as a non-executive director of the Bank.  Mr Mifsud Bonnici has been nominated to the post of non-executive chairman of a bank regulated by the MFSA.  He will, however, continue in his present positions with Mediterranean Bank until the annual general meeting of the Bank’s shareholders scheduled for 17th July 2017.

The Bank has identified Mr John B. Zarb as Mr Mifsud Bonnici’s replacement as an independent non-executive director and chairman of the Audit Committee, and the MFSA and the European Central Bank have approved his appointment.  Mr Zarb’s appointment will become effective on 17th July 2017. 

Mr Zarb resides at 26, Taz-Zghira, J Howard Street, Naxxar.  He retired from his role as partner at PwC at the end of 2014 after a career spanning over 40 years spent within the audit and advisory practices of the firm.  He is chairman of PG plc, a director and chairman of the audit committee at Tumas Investments plc and a director of Foster Clark Products Limited.  Mr Zarb has held no other directorships during the past five years.

There are no matters concerning Mr Zarb requiring disclosure under Listing Rules 5.20.5 to 5.20.9.

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Henry C. Schmeltzer

Company Secretary

 

28 June 2017