APS Bank Reportedly Set To Acquire HSBC Malta
APS Bank is reportedly set to acquire HSBC Bank Malta p.l.c. in a shocking economic development following a cryptic statement issued earlier today.
Whoswho.mt reported that APS Bank is planning to purchase HSBC’s Malta branch with talks allegedly being at an advanced stage.
This comes after HSBC Malta published a cryptic statement earlier today saying that HSBC Holdings plc will undertake a “strategic review” of its indirect 70.03% shareholding in the Bank.
When asked by Lovin Malta to elaborate on today’s statement, an HSBC Malta spokesperson said “the review will consider a full range of options and no decisions have been made yet”.
The spokesperson assured that it’s “business as usual” for the Malta branch.
Meanwhile, HSBC Malta’s new CEO Geoffrey Fichte brushed aside rumours of the bank’s possible departure from the country earlier this year.
However, this recent revelation indicates the opposite, with sources of Whoswho.mt claiming this marks the end of HSBC’s operations as a brand in Malta, although the HSBC Group may retain a small minority shareholding.
These negotiations have allegedly been ongoing for some years with the conversation gaining momentum at the start of this year.
The sources stated that there are no intended layoffs and that the service provided to HSBC Bank Malta’s customers will improve. They further highlighted that there’s a long way to go to close the deal.
If this deal goes through, APS will become the second-largest bank in Malta and will allow it to compete more effectively with BOV.
If APS Bank obtains the regulatory approval to acquire HSBC Group’s 70% shareholding in HSBC Group Malta, it will need to make a public offering for the remaining 30% in free float on the national stock exchange.
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