The divestment of HSBC from its Maltese business is rapidly evolving into a potential competitive process, with multiple parties reportedly expressing interest. Among the potential acquirers there has been reports of a group of investors that may include prominent figures from the Maltese business community, as well as potential interest by Hungarian bank OTP.

Any formal bidders will now face competition from APS Bank, which is marching ahead as it has officially commenced a due diligence process to acquire Malta’s second-largest bank.

On Tuesday (yesterday), WhosWho.mt exclusively reported that a group of potential investors had emerged, possibly involving leading figures in the local business landscape. On Wednesday morning (today), The Times of Malta revealed that OTP – Hungary's largest bank – could also be in the running to acquire HSBC Bank Malta.

Also on Wednesday morning, APS Bank, which this newsroom first and exclusively identified as an interested party in September 2024, issued a statement confirming it has signed a non-disclosure agreement with HSBC Malta and has been granted access to a virtual data room. APS stated that it has begun a comprehensive due diligence process with the support of its full advisory team.

If confirmed, OTP’s interest would mark the first indication of foreign involvement in the potential acquisition of HSBC Malta.

Founded by the Hungarian state in 1949 and later privatised, OTP's largest shareholder is the Hungarian oil and gas group MOL, which holds just over 8.5 percent of the bank.

In recent years, OTP has faced controversy over its continued business operations in Russia, where it reportedly serves as many as three million customers despite EU sanctions imposed after Russia's 2022 invasion of Ukraine. This led Ukraine to place OTP on a list of "international sponsors of war," arguing that the bank's activities amounted to supporting Russia's aggression. Following protests by the Hungarian Government, OTP was temporarily removed from the list, with reports indicating the bank had committed to reviewing its future in the Russian market.