In a surprising twist, APS Bank's shares have remained largely unaffected following the bank's unexpected decision to pull out of negotiations to acquire HSBC Bank Malta.

The news broke shortly after the close of trading on the Malta Stock Exchange on Thursday, ahead of the long Easter weekend. With markets closed on Good Friday and through Easter Monday, investors had ample time to digest the development before trading resumed this week.

Yet despite the gravity of the announcement, APS shares opened and traded without significant movement, suggesting a neutral market reaction.

Trading in APS shares closed at €0.58 on Thursday 17th April, and remained level on Monday. On Tuesday (today), the price marginally increased to €0.585.

Market analysts interpret this as a sign that shareholders are either aligned with management’s strategic caution or were unconvinced about the long-term benefits of the acquisition from the outset.

“From an investor perspective, this might actually be viewed as a disciplined decision,” said a senior financial analyst. “While the deal could have propelled APS into a more dominant market position, it would have also come with significant integration risks, political hurdles, and capital pressures.”

APS shares were trading at €0.52 in September, just before the announcement of its intention to launch a formal bid for HSBC Bank, whereupon its stock price rose to €0.58 – where it has remained until now – on the back of a large volume of trades. No such flurry of activity has accompanied the latest news.