APS Bank was incorporated as a company 50 years ago today

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Today marks the 50th anniversary of the incorporation of APS Bank as a private limited liability company.

On 1 June 1970, the Apostleship of Prayer Savings Bank Limited was constituted under Malta’s Commercial Partnerships Ordinance with a share capital of 100,000 pounds, registered in the name of His Grace the Archbishop on behalf of the Archdiocese of Malta.

Although the bank had been in operation since 1910, corporate formation was a requirement under the new Banking Act of 1970 in terms of which banks doing business in Malta were to be licensed.