HSBC says EGM scheduled for February aimed at sharing information with interested bidders

HSBC Malta will hold an extraordinary general meeting next February seeking to disclose information about the bank in the face of a potential transfer of 70% of the bank's shares.

Last November, HSBC announced that its majority shareholder had been approached by “a number of parties” interested to buy its stake in the Maltese bank. According to Capital Markets Rules, HSBC Bank Malta is required to convene an Extraordinary General Meeting on the matter.

During the same month, APS Bank, which is majority-owned by the Maltese Catholic Archdiocese and the Gozo church, submitted a non-binding offer to HSBC Holdings to acquire the 70% stake.

“During this period, the bank’s board of directors and management will be engaging with their various stakeholders to help inform them further about the rationale and merits of such an acquisition. Foremost will be the shareholders, and primarily the Qualifying Shareholders AROM Holdings Ltd (55.0%) and the Diocese of Gozo (12.7%), and their own advisors, whose endorsement is being enlisted,” APS had stated.

The bank said it had grown “steadily” in recent years, improving efficiency and investing in people. “This has led the APS Bank Group to a strong market position which also brings with it greater responsibilities. The Bank has long identified the need for scale as a priority and this led to many months of studies and extensive, professional evaluation that now underpin the non-binding offer.