‘HSBC Malta Is Not Aware Of Any Negotiations’: Local Bank Responds To Reports Of APS Acquisition
HSBC Bank Malta p.l.c. said it is “not aware” of any negotiations related to its acquisition by APS Bank and has requested clarification of the position from its majority stakeholder.
This comes following media reports alleging APS Bank is in advanced negotiations with the majority shareholder to buy its shareholding in HSBC Malta – a significant economic development.
“HSBC Malta will make further announcements as and when required.”
Yesterday’s development was particularly fitting in light of another statement released by HSBC Malta saying that HSBC Holdings p.l.c. will undertake a “strategic review” of its indirect 70.03% shareholding in the Bank.
HSBC has been moving its operations away from Europe and pivoting toward the market in Asia, with such sales happening in other countries on the continent.
According to reports, the negotiations regarding Malta have been ongoing for several years, since it became clear that HSBC Malta was going to lessen its operations.
Although the negotiations have reportedly gained momentum in recent months, the transition will not be happening any time soon.
If the deal goes through, APS would purchase HSBC’s 70% stake in the bank – it is not yet clear whether HSBC will choose to keep a minority share.
This would substantially increase APS’ market share and make it an effective competitor with the Bank of Valletta.
This means that HSBC customers will eventually be transferred to APS Bank.
Do you want to see this deal go through?
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