Bank of Valletta have announced that their offer to the general public of €35 million 5.35% Subordinated Bonds, which opened this morning, has been fully subscribed. The Bond Issue received an overwhelming response, and the Bank decided to close the subscription lists today at 12.00 (noon). Total demand for the Issue exceeded €120 million. In view of this strong demand, the Bank exercised the over-allotment option of €15 million in full.

The Bank will be announcing its allocation policy by Monday, the 15th of June 2009, with refunds being processed shortly thereafter.

“The response of the investing public to this Bond Issue has been overwhelming, and is a clear indication of the positive sentiment that the public has towards the Bank. The support for the Issue was widespread, and came from all sectors of the Maltese public, including the Bank’s stakeholders – shareholders, employees, institutional and retail clients, as well as from Financial Intermediaries,” said the Bank’s Chief Executive Officer, Tonio Depasquale.

Mr Depasquale concluded “we are grateful to all subscribers for this strong vote of confidence in Bank of Valletta. The objective of further strengthening the Bank’s capital structure has, through this Bond Issue, been achieved.” He concluded by stating that the Bank’s executive management will continue focusing on improving the performance of the Bank for the benefit of all its stakeholders.

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