APS announces initiatives to help clients in the difficult economic climate


APS Bank announced a series of initiatives aimed at helping its clients tide over the coming weeks of economic hardship. It referred to its recent media release of 13 March, 2020 on the occasion of the announcement of its 2019 financial results. More specifically, to the statement made by its CEO that: “as our mood and thoughts turn to the challenging times ahead for the Maltese economy, we are responding with priority to the requests of our customers for support … standing by them and reciprocating their trust.”

Business response team appointed

The Bank confirms that while it has been receiving each request and dealing with it expeditiously, it has appointed a COVID-19 Business Response Team with authority to engage directly and reply to its commercial and retail customers with its relief measures according to their specific circumstances.

Main Initiatives

  • for Commercial Customers, the Bank is accepting requests for capital moratoria and for minimum periods of 3 months reflecting the respective business cycle of that particular industry or segment. The Bank is also considering requests for increases in overdraft limits, suspension of financial covenants and other relief measures according to the nature of the request. In all these cases, rescheduling and processing fees are being waived.

Other specific relief measures will also be considered depending on the particulars of the request. An order of priority has been established to ensure that the sectors most impacted will be addressed first but at the same time reassuring that all requests will be considered for as many of the relief measures as possible.

Sector Specific

  • for Retail Customers, in the main part home loan customers facing notable reductions in income or other circumstances affecting their employment or business activity, the Bank will receive applications for a moratorium on both capital and interest. The extent of the moratorium will be generous and agreed with each customer according to the particular case. No processing fees shall be charged.

Commercial Customers are invited to contact their Customer Relationship Manager directly with their request and to discuss options, eligibility and application modalities.

Retail Customers should contact their Branch Manager or Relationship Officer to discuss the same.

Alternatively, customers can contact APS Contact Centre on 2122 6644 or write an email to the    COVID-19 Business Response Team at covid19@apsbank.com.mt.

APS Bank is also working in close cooperation with Government, the Malta Development Bank and other agencies to develop further solutions and financing vehicles to assist both its commercial and retail customers. Further details in this regard will be communicated in the coming days.

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