Lion Finance Group plc, the holding company of Bank of Georgia and Ameriabank in Armenia, has confirmed recent media reports suggesting that it’s trying to acquire HSBC Malta.

In its company statement, Lion clarified that “there can no be certainty that any agreement will be reached in relation to the possible acquisition”, referring to HSBC Malta.

Last week, Armenian bank Ardshinbank also confirmed it is bidding to acquire the 70 per cent stake HSBC Malta, marking its first attempt to enter the European Union’s banking sector.

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.

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.