An Extraordinary General Meeting of APS Bank has approved a capital increase of €42 million over the period 2011 to 2013; €30 million through capitalisation of retained earnings and €12 million through an injection of fresh funds. By the end of 2013, the issued and paid up share capital of APS Bank will rise from €15.6 million to €57.6 million.

Last April, during the bank’s AGM chairman Emanuel Delia indicated that APS was planning to strengthen its capital base further. This was prompted by the need to extend the bank’s support to its existing and new customers, and in anticipation of the forthcoming regulatory requirements.

Following this increase in capital, the bank can pursue its mission, both locally and abroad, and in the process achieve three main objectives, namely: (i) keep supporting the bank’s growth strategy; (ii) ensure adequate regulatory ratios at all times; (iii) continue to generate fair returns to its shareholders.

In anticipation of this capital increase discussions between the management and shareholders of APS commenced in 2010. Talks were taking place during the bank’s centenary year, when the philosophy that drives the bank was reviewed and reconfirmed, and the structure that facilitates the fulfilment of such mission analysed.

“Throughout these 100 years, the bank has served as a tool to support the aspirations of individuals, their families and businesses, a vision that has proved to be valid over decades. During the last 10 years alone, the bank has successfully managed to increase total assets from €324.8 million to €778.8 million while extending its presence to eleven localities in Malta and Gozo,” the bank said in a statement.

Prof. Delia highlighted the bank’s commitments to the local economy and also to a more active and diversified participation in projects of a social nature in the EU and the Mediterranean region.

Membership of like-minded financial organisations is the means through which such objectives can be met. Such participation demands a strong capital base to which this share capital increase is, in part, directed,” the bank said.