Bank of Valletta's offer of €40 million 4.80 per cent notes due 2018, was fully subscribed within a few hours after opening.

The bank said in a statement that the public's overwhelming response to the issue was testimony to the strength and trust of the BOV branda.

Proceeds from the notes shall be used by the bank for its general corporate and funding purposes. The notes will serve as a means of diversifying the bank's funding sources and will enable the bank to extend the duration of part of its funding.

The Bank will be announcing its allocation policy on August 10.

The notes are unsubordinated and unsecured.

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