APS Bank launches Initial Public Offering of 100 million new ordinary shares

APS Bank plc has launched an Initial Public Offering of 100,000,000 new ordinary shares with the possibility of an additional 10,000,000 new shares at an issue price of €0.62 per share, Chairman of APS Bank Martin Scicluna announced.

Scicluna addressed a press conference and said that the bank will strive to continue to respond and anticipate customer’s needs in the face of global challenges such as inflation, the Ukrainian war, and public health issues due to the Covid-19 pandemic.

The offer period will be open for applications between Friday 3 June and Friday 17 June 2022 at all APS Bank branches or at Authorised Financial Intermediaries listed in the prospectus, which is available on the bank website on apsbank.com.mt/ipo

The minimum application size is 1,000 shares (€620). Applicants can be either registered Bondholders of the 3.25% Subordinated Bond, APS Group employees or Directors, or members of the general public.

Chief Executive Office of APS Marcel Cassar said that APS Bank has become a leading financial institution in Malta with a heart for community banking. He said that the forthcoming IPO will remain local to promote trust in the market community.

The bank explained that the value of the investment, as well as the income therefrom, can go down as well as up and past performance is not necessarily indicative of future performance, meaning investors may lose some or all of the money invested.

Taking questions from the floor, Cassar answered a question regarding the excessive bureaucracy banks in Malta have been facing in recent times. Cassar said that customer’s complaints are justified, as in many cases, onboarding and requests to open bank accounts have been taking too long.

He said that APS Bank has a team of people who respond to customer’s complaints and address them immediately. Cassar said that the customer will always be at the centre of what the bank does.