APS Bank has announced it has received regulatory approval from the Malta Financial Services Authority (MFSA) for its appointment of Martin Scicluna as Chairman of the Board of Directors.

As was announced in May, he will now replace Frederick Mifsud Bonnici, who has resigned from the position.

Mr Scicluna is a veteran member of the Board of Directors, having joined in 2013. Most recently, he served as Chairman of the Risk Committee, and was a member of the Audit Committee and of the ESG Committee and as Director of ReAPS Asset Management Ltd.

He has had a long career in banking, culminating in a stretch of senior executive appointments within HSBC Group in Malta between 1996 and 2012.

Having held various director roles since 2006, his other current board positions include: Chairman of Accredited Insurance (Europe) Ltd and Chairman of Zarattini International Ltd.

APS CEO Marcel Cassar commented on his appointment and the departure of his predecessor, saying: “On behalf of the entire Management body, we thank and salute Mr Mifsud Bonnici who retires after four years as Chair and Director, during which the Bank was able to benefit from his 50 years of senior experience in accounting, assurance and financial services.

“As with any change of guard, we welcome Mr Scicluna who also brings with him a long, successful career in banking and financial services besides intimate knowledge of the Bank, having served as Director for the past eight years.

“Martin’s appointment also signifies the trust in which he is held by the shareholders, ideally placing him to lead the Board in the next stages of the Bank’s development.”