Bank of Valletta p.l.c.’s offer to the general public of €50 million 4.80% Subordinated Bonds, which opened this morning, has been over-subscribed. The Bond Issue received a most encouraging response, and the Bank decided to close the subscription lists today at 12.00 (noon). In view of the strong demand, the Bank will exercise the over-allotment option of a further €20 million in full.

The Bank will be announcing its Allocation Policy by Monday, the 15th March of 2010.

Bank of Valletta CEO Tonio Depasquale stated that, “The success of this Bond Issue is testimony to the strength and trust of the BOV brand. In fact, we are proud to say that the response of the investing public to this Bond Issue is a clear endorsement of the confidence that our institution enjoys with the general public and institutional investors alike.”

The Bank’s CEO 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.

Mr Depasquale concluded by thanking all those involved in this Bond Issue and reminded that, “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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