Global payments processor and technology provider RS2 has confirmed that it has been selected to submit a bid for HSBC Malta, marking a significant development in the sale process of one of the country’s largest banks. The news was first reported by Times of Malta.

In a statement provided to the newspaper, RS2 confirmed that it had “been selected to submit a bid for HSBC Malta,” joining a shortlist of potential buyers that includes Hungarian financial powerhouse OTP Bank and a consortium of prominent local businesses.

RS2 also revealed plans to revive the Mid-Med Bank brand should its bid prove successful. Mid-Med Bank was a household name in Malta prior to its acquisition by HSBC in 1999.

With this announcement, RS2 becomes the fourth known bidder for the acquisition, and is now considered a frontrunner following APS Bank’s surprise withdrawal from the process earlier this month.

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.