APS Bank has invited the Malta Financial Services Authority (MFSA) to provide further information and clarification regarding its sudden decision to drop its bid for HSBC Bank’s Maltese operations.

Revealed last September by WhosWho.mt, APS Bank’s interest in HSBC Bank Malta saw it quickly emerge as a frontrunner in the bidding process, before a shock turnaround on Thursday 17th April.

The public announcement of the withdrawal cited “confidential information external to the due diligence exercise” as the reason for the decision.

The MFSA was informed of APS Bank’s decision just before the 17th April announcement, and offered further information about the circumstances that led to APS Bank’s change of heart.

The regulator has not yet taken up APS Bank’s invitation.

Speaking during a market briefing showing the bank’s results for the first quarter of 2025, APS Bank CEO Marcel Cassar said the bank would be “only too happy” to discuss the confidential matter further with the MFSA.

He also shed light on the frantic activity within APS in the hours leading up to its formal withdrawal.

“We received information [that led to the decision to drops its bid for HSBC Malta] that was confidential but 200 per cent credible. We took the time and made the effort to verify and check it independently.

“This was happening between Wednesday evening and Thursday morning. On Thursday, our Board of Directors met twice without a few hours, with the involvement of our advisors.

“A lot of effort and thought and analysis went into what decision should be taken. The decision was unanimous and without any shadow of doubt – to withdraw immediately, without a second to lose.”

The APS Bank CEO further clarified that the offer to the MFSA remains open.