“Bank of Valletta is very disappointed at the outcome being indicated given good progress from strong efforts in all areas.”

“BOV has considered the implications of such a scenario and this work has indicated the Bank will not face any significant difficulties in continuing to create value and safeguarding its capital solvency and liquidity risk profiles.”

“The Bank shall continue to work in close collaboration with our international partners and regulators to ensure the protection of customers, depositors, shareholders and the Maltese economy in general.”

HSBC Bank Malta:

“HSBC Malta continues to operate its business as usual and is determined to continue providing an excellent service to its personal and business customers.” 

“HSBC Malta has zero appetite for financial crime risk and operates to the highest global standards in financial crime compliance while striving to protect the community it serves.”

While both banks opted against making knee-jerk statements, BOV’s reaction is clearly more optimistic-sounding, expressing confidence that it won’t face “significant” difficulties and even remarking that it was disappointed at the FATF’s decision.

HSBC was more cautious in its response, stating that while it’s committed to protecting the Maltese community it serves, it also has “zero appetite” for financial crime risk.

In recent years, a number of reports have suggested that HSBC is considering closing off its Malta branch for good, with the Financial Times reporting last year that the island is among a list of “non-strategic countries” the bank is considering pulling out of.

It has closed off a number of branches and cut several jobs as part of a voluntary retirement scheme but played down reports that it plans to exit the country as “speculative”.

Both BOV and HSBC Malta have undertaken de-risking strategies in recent years to combat money laundering. 

What do you make of the banks’ responses?