HSBC is considering leaving Malta as part of a plan to shrink its global operations, Bloomberg has reported. 

Citing people with knowledge of ongoing discussions, Bloomberg said HSBC’s new Chief Executive Officer John Flint is reviewing as many as a quarter of the 67 countries the bank operates in and is mulling an exit or sale from smaller consumer operations – such as Malta, Bermuda and Uruguay. 

The sources said that even though the countries under review may be profitable, the bank wants to increase its focus on the trade corridor that runs from Asia through the Middle East and Europe to North and Central America. 

A spokeswoman for HSBC declined to comment to Bloomberg but said the bank will update investors at or before its first-half earnings.

HSBC is Malta’s second-largest bank and has been on the island since 1999 when it bought out the then Mid-Med Bank for €191 million.

Opposition leader Adrian Delia reacted by saying the PN will be at the forefront to ascertain Malta remains a leading financial services jurisdiction. 

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Tim Diacono

Tim is interested in the rapid evolution of human society and is passionate about justice, human rights and cutting-edge political debates. You can follow him on Instagram or Twitter/X at @timdiacono or reach out to him at [email protected]