A capital increase of €42 million over the period 2011 to 2013 was approved today by an extraordinary general meeting of APS Bank.

During its annual general meeting last April, bank chairman Emanuel P. Delia, indicated that the bank 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.

Today's meeting approved the increase of €30 million through capitalisation of retained earnings and €12 million through an injection of fresh funds. This will increase the issued and paid up share capital of APS Bank from €15.6 million to €57.6 million by the end of 2013.

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.

To make this capital increase programme happen, discussions between management and the shareholders of APS Bank commenced last year.

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