HSBC announces Greek CrediaBank as preferred bidder

HSBC Malta is set to be acquired by CrediaBank after HSBC Holdings named the Greek bank as its preferred bidder.

The two banks have agreed in principle and will now move into detailed negotiations, finalising terms and seeking regulatory approval before signing a binding deal.

Speculation over the fate of HSBC Malta has been rife after news of the bank's intended departure. Initially, local APS Bank was touted as one of the most interested parties to buy the majority shareholding, however the bank withdrew from the potential acquisition.

In a statement on Friday, HSBC Malta confirmed it had been informed by its parent company about entering exclusive talks with CrediaBank, formerly known as Attica Bank, for its 70.03% majority stake. The remainder of HSBC Malta’s shares are publicly traded.

CrediaBank, Greece’s fifth-largest bank, rebranded only weeks ago from its former Attica Bank name. Backed by the Bank of Greece and with 36% owned by the country’s sovereign wealth fund, it is majority-controlled (57%) by Thrivest Holding Ltd, a company owned by shipping magnates.

Once plagued by bad loans and governance issues, CrediaBank has since reduced its non-performing loans significantly.

The proposed acquisition is still subject to approval from the Malta Financial Services Authority and the European Central Bank, a process expected to take several months after any binding agreement is signed.

Finance Minister welcomes latest update

Later on Friday, Finance Minister Clyde Caruana welcomed the development. Caruana said that identifying a buyer who met the requirements of both the seller and the jurisdiction had been a complex process. 

He noted that, as the regulatory review proceeds, the buyer’s membership in the Eurosystem is a crucial factor that strengthens the acquirer’s standing and credibility.  This is further boosted by a minority stake held by a fellow EU Member Stake.

He added that the entry of a new and experienced player in the local banking sector should contribute to foster healthy competition and integrate Malta’s financial system within the European market. The minister stressed that the process will remain subject to rigorous regulatory oversight to safeguard stability, strengthen investor confidence, and secure long-term economic benefits.