HSBC Holdings has concluded a deal with CrediaBank that will see the Greek bank acquire its 70.03 per cent shareholding in HSBC Malta for a total of €200 million.

This means that HSBC will receive €0.793 per share – far below its current trading price of €1.33.

Should the transaction, which is subject to several conditions, go through, CrediaBank will launch a takeover offer – mandated by the MFSA's listing rules – for the remaining shares.

Minority shareholders, in line with Crediabank’s public statements over recent weeks, will be getting a far better deal, being offered €1.44 per share.

This remains well below HSBC Malta's record share price on the eve of the September 2024 announcement that it would be exiting the country, which stood at €1.65.

In a company announcement, HSBC Malta said CrediaBank will retain the current management team and intends to maintain the bank’s listing on the Malta Stock Exchange.

CrediaBank also promised to retain current HSBC Malta employees on the same terms for a period of at least two years from the completion of the transaction.

The transaction is expected to conclude by the end of 2026, but remains subject to corporate and regulatory approvals.

In a statement, CrediaBank said the acquisition of HSBC Malta would accelerate the delivery of its growth ambitions by taking over "a high-quality franchise with leading market positions in Malta's attractive and growing banking market."

It noted that HSBC Mala serves approximately 200,000 clients with banking and insurance products across mortgages, personal loans, SME loans and life and non-life insurance products. 

About CrediaBank

CrediaBank is the fifth largest bank in Greece by total assets serving c.300,000 active corporate and retail customers through a total of 65 retail banking branches and 5 business centres across the country offering a broad range of financial services, including loans, deposits, insurance products, investment products, mutual funds and stock trading services to retail and corporate customers. It acquired HSBC Greece, through Pancreta Bank, in 2023.