"What type of bank are you?"



CEO's Notes


Bank image This is a question I often get asked about APS. So the 'AP' refers to the action-group who in 1910 decided to take the Church social agenda to the community. And the 'S' stands for their project of creating a savings institution which became a bank. Over the years APS developed very much like what in America they call an S&L, strong in home loans.

We are that and much more. But trying to classify a bank with traditional nomenclature would be short-sighted. Our industry remains traumatised by the crisis and is constantly changing. Regulation, competition, low interest rates and, above all, technology continue to transform banks amidst sharp secular trends. Citigroup CEO Michael Corbat's statement "we are a technology company with a banking licence" sums up an intriguing picture. Defining the type of bank we are requires a vision for our model.

That model sees APS strengthening the personal, commercial and investment services offering. We will also diversify some geography in the process. True to our values, we will further develop our social, ethical and community identity. Our channels will continue their modernisation with a clear digital agenda, without allowing technology to overrule the customer experience. Using it instead to personalise and enrich our service, transforming our branches into meeting places.

So what type of bank are we? In 1981, Corbat's predecessor Walter B. Wriston famously said: "The belief that a market is yours by some divine right is an old dream. Companies that fail to change become tombstones in the corporate graveyard." APS Bank will continue to be an alternative, progressive and superior provider of financial services. Always keeping the customer as its centre of gravity. Very presumptuous of me to go beyond!

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APS Bank plc is licensed to undertake the Business of Banking and to conduct Investment Services business by the Malta Financial Services Authority and is enrolled in Tied Insurance Intermediaries List under the Insurance Intermediaries Act 2006