Global payments technology provider RS2 plc has clarified its position in the bid for HSBC Bank Malta plc, stating it – the Malta-registered firm – is not the bidder involved in the ongoing acquisition process.

The company issued the formal announcement on Tuesday (today), aiming to put an end persistent speculation about its ability to acquire the major Maltese bank.

RS2 plc, which is listed on the Malta Stock Exchange, has seen its share price plummet around 75 per cent in the last years. However, it received a significant boost on the day it was mentioned as a bidder for HSBC Malta, registering the largest volume of trade in over a year.

The latest announcement serves to confirm prior reporting about RS2’s involvement by making it clear that the Malta-registered holding company – RS2 plc – is not the party involved.

RS2 is a German payments firm with operations around the world. It does not hold a banking licence – which is expected to present a hurdle. However, British bank Barclays has a significant shareholding, potentially allaying fears about RS2’s inexperience.

RS2 has also been a payment solutions provider for HSBC Malta for many years, dating back to the days when it was known as Mid-Med Bank, before it was privatised to HSBC.

The company reportedly intends to bring back the still-beloved Mid-Med Bank brand if its bid for HSBC Malta is successful.

HSBC had initially revealed in September 2024 that it was exploring strategic options for its Malta arm, sparking significant interest among local and international players. APS Bank quickly emerged as a leading contender and confirmed on 26th March 2025 that it had entered the due diligence phase.

However, just weeks later, on 17th April, APS issued a public statement announcing it was “regrettably withdrawing” from the bidding process. While no official reason was provided, speculation in the financial community has been rampant.

With APS out of the race, attention has shifted to the remaining bidders. OTP Bank has reportedly submitted a compelling offer, though its ongoing operations in Russia, despite international criticism following the invasion of Ukraine, have raised eyebrows and drawn concern in some quarters.

Additionally, a consortium comprising several well-known local business groups – with involvement from unnamed foreign investors – is believed to have entered the fray with a collective bid.