APS Bank CEO Marcel Cassar confirmed that six hours after the opening of the initial public offering of shares by the bank, it was closed due to the immense interest it saw.

The official closing of these shares was expected to be on 17 June, but due to information from financial intermediaries indicating an overwhelming response, APS had sent out a warning that the closing would be brought forward.

"This did not take us by surprise because the feedback on our IPO had been building very positively in the past weeks. However, the resulting outcome was still astonishing due to a number of factors such as the difficult situation financially," Cassar said.

The IPO offered by APS was the largest ever offering in Malta and Cassar stated that "the decision to close early was an obvious one and we didn't close earlier in order to allow things to proceed in an orderly manner."

"Applications received by 3p.m today, given that they are supported by cleared funds, will be processed in the coming days. Work has started already and will continue into the weekend and the coming days together with the Malta Stock Exchange."

Cassar said that once the applications are accepted by the Malta Stock Exchange, APS would be announcing the accepted applications publicly. "By the week starting 30 June, we are expected to be running as normal."

Cassar then proceeded to thank all applicants together with APS employees who are responsible for the success of the IPO scheme.