Martin Scicluna has been nominated as new Chairman of the Board of Directors at APS Bank, replacing Frederick Mifsud Bonnici, who is resigning from his Directorship.

The nomination, announced following the closure of the Bank’s Annual General Meeting on Friday, is subject to regulatory approval.

Mr Scicluna is a veteran member of the Board of Directors, having joined in 2013.

He is currently Chair of the Risk Committee, member of the Audit Committee and of the ESG Committee, as well as Director of ReAPS Asset Management, the Bank’s wholly-owned UCITS management subsidiary.

Further information about the status of the regulatory approval is expected to be provided in due course, as well as information on who will be nominated for the Board seat to be vacated by Mr Mifsud Bonnici in due course.

Also decided during the AGM, the Bank has announced that 20.3 per cent of its dividend will be distributed in the form of scrip, with the remainder to be paid in cash.

The Bank’s Issued Share Capital has risen 0.3 per cent, with the number of new ordinary shares to be allocated reaching 696,461, it added.