PL MP Edward Zammit Lewis Lists Five Criteria For HSBC Malta Buyer
Labour MP Edward Zammit Lewis has listed five points that he believes the eventual purchaser of HSBC Malta should satisfy.
Zammit Lewis argued that the acquirer should be a bank rather than a business or consortium, warning that the latter would offer no added value and could raise transparency and conflict of interest concerns, especially if they are clients of the same bank.
He said the bank should satisfy the following criteria:
- It should be a strong European bank
- It should be a bank that doesn’t yet have a presence in Malta, so as to promote a policy of diversification
- It should have a consumer mindset, something which he warned has declined significantly among the banking sector in recent years to the detriment of the people of Malta
- It should be a bank that enjoys a good reputation, so as to improve Malta’s relevance on the European and global stage.
- It should be ready to play a role in the sustained growth of the Maltese economy by being a true partner of self-employed people, micro-enterprises and SMEs.
HSBC Malta, which has been around since 1999, announced its intention to depart the country late last year.
Although several foreign and local banks and businesses have expressed interest in acquiring the bank, the situation remains unresolved.
Zammit Lewis warned that this prolonged uncertainty isn’t healthy for the banking sector or the Maltese economy in general.
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