BOV confirms approach by consortium bidding to take over HSBC Malta

Bank of Valletta has confirmed it has been approached by a consortium expressing interest in prospective bids to take over HSBC’s Malta operations.

“As one of Malta’s leading financial institutions, it is unsurprising that the Bank has been approached by third-parties expressing interest in prospective financial bids concerning other major business entities in Malta, including HSBC Bank (Malta) p.l.c.,” the bank said in a company announcement.

Website MeetInc. revealed BOV has been approached by a local consortium, including several prominent businessmen, bidding for HSBC. The move is understood to have been made in recent days after some members of the consortium decided to pull out.

“The Bank will continue to monitor developments closely and remains committed to ensuring transparency and full compliance with its regulatory obligations, including those related to competition, financial stability and avoidance of conflict of interest, whilst maintaining its duty of care to its shareholders,” Tuesday’s company statement read.

BOV said any decision which the bank might consider in the future will only be formulated in close coordination and cooperation with all relevant regulatory authorities and following the full extent of its due governance processes.

Last week it was revealed German fintech powerhouse RS2 has formally entered the race to acquire HSBC Malta, positioning itself as a serious contender and pledging to revive the Mid-Med Bank brand.

HSBC has long hinted that it wants to leave Malta, even though company bosses have consistently denied the intention. The ‘strategic review’ falls squarely within HSBC’s international consolidation to concentrate on its business in the far east.