Bank of Valletta plc's €50 million 4.80 per cent subordinated bonds offer was over-subscribed on Monday. The offer closed within hours of opening on Monday morning.

The bank said that in view of the strong demand, the €20 million over-allotment policy will be exercised in full.

BoV's offer was the largest ever corporate issue to be launched in Malta.

The bank is to announce its allocation policy by Monday. Chief executive officer Tonio Depasquale also highlighted the considerable number of applications received that were backed by a net inflow of new funds to the BoV Group. This is even more significant since it comes at a time when the bank continues to enjoy an increase in its deposit base, he said.

Mr Depasquale added: "The objectives of strengthening the bank's funding and capital structures have, through this bond issue, been achieved - enabling the bank to strengthen its position as a major player in the local economy."

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