Armenia’s Ardshinbank has officially confirmed that it has submitted a bid to acquire a majority stake in HSBC Malta, marking its first attempt to enter the European Union’s banking sector.
The bank’s Deputy Chair, David Sargsyan, told Times of Malta that Ardshinbank is “quite confident” about its chances of being selected as the preferred bidder.
“We are currently one of the bidders for the 70 per cent stake in HSBC Malta,” Mr Sargsyan said. “We have submitted our offer to them.”
Ardshinbank’s interest in acquiring the Maltese bank comes on the heels of its successful takeover of HSBC Armenia, completed in November 2024.
The decision now lies with HSBC Continental Europe, which holds the majority shareholding in HSBC Malta, to assess the bids and make a final decision.
If successful, the acquisition would represent Ardshinbank’s first move beyond Armenia and a significant milestone as it looks to expand into the EU financial market.
A snapshot of the situation
HSBC first announced in September 2024 that it was considering a sale of its Malta arm. Within days, APS had emerged as the leading contender. On 26th March 2025, the local bank confirmed that it had entered the due diligence phase, a key step in evaluating the potential acquisition.
However, on 17th April, APS issued a statement saying it was “regrettably withdrawing” from the bidding process. No further reason was publicly given, though market speculation has been rife.
With APS out of the picture, attention turned to other potential buyers. Hungarian financial giant OTP Bank had emerged as a strong contender, although its participation had sparked concern due to its continued operations in Russia following the invasion of Ukraine.
Separately, a group of prominent local businesses were reported to have banded together to submit a collective bid, with some foreign investors also believed to be part of the ongoing talks.
The eventual outcome will significantly shape the future of Malta’s financial landscape – and with the Finance Minister calling for reasonable but timely closure, the spotlight is now firmly on HSBC to chart its course forward.
