HSBC Picks Greece’s CrediaBank As Preferred Buyer For Malta Operations
HSBC Bank Malta is one step closer to changing hands after its UK-based parent named Greece’s CrediaBank as the preferred bidder for its 70.03% stake. The move marks a major milestone in HSBC’s planned exit from Malta, a process that has been in motion since last year.
In a company announcement issued Friday, HSBC Bank Malta confirmed that HSBC Holdings has “identified a preferred bidder and has entered into exclusive discussions with CrediaBank S.A. (formerly known as Attica Bank)” regarding the sale. The bank stressed that “no agreement has been reached yet” and that the strategic review remains ongoing.
HSBC Holdings’ 70.03% stake in the Malta-listed bank represents the majority of its shares, with the remainder publicly owned through the Malta Stock Exchange. The sale, if completed, will require regulatory approval from both the Malta Financial Services Authority and the European Central Bank — a process expected to take several months after a binding agreement is signed.
CrediaBank rebranded from Attica Bank just weeks ago, shortly after merging with Pancreta Bank — the same lender that had previously acquired HSBC’s Greek operations. The bank is now the fifth-largest in Greece and is supported by the Greek state, which owns a 36% stake via the country’s sovereign wealth fund. Its majority shareholder is Thrivest Holding Ltd, a company controlled by Greek shipping magnates Dimitris Bakos, Yiannis Kaimenakis, and Alexandros Exarchou.
The acquisition of HSBC Malta is seen as part of CrediaBank’s strategy to strengthen its position against Greece’s “big four” banks and expand its regional footprint.
While CrediaBank has faced past challenges — including poor loan performance and governance issues highlighted by a 2016 European Central Bank inspection — it has recently been on a recovery track. Earlier this year, Moody’s upgraded its baseline credit assessment to B1, citing progress in reducing non-performing loans and improving its capital position.
Friday’s announcement ends months of speculation over HSBC Malta’s future ownership and comes as a disappointment to other bidders. Local bank APS withdrew early in the process amid pressure for an international buyer. Other offers fell away for various reasons, including reputational concerns — Armenian bank Ardshinbank’s owner’s Russia links, and Hungarian lender OTP’s continued operations in Russia — or lack of regulatory appetite. Interest had also come from the Bank of Georgia, German fintech RS2, and a local consortium of businesses.
In its statement, HSBC Malta reassured customers and staff that “it is business as usual” during the transition and that HSBC Holdings “remains committed to supporting the Bank, its customers and its employees throughout this process.”
If the deal closes, it will bring an end to HSBC’s 25-year presence in Malta, as the group continues its strategy of exiting smaller markets to refocus on its core operations in Asia.