German payments technology provider RS2 plc has dropped out of the bid to acquire HSBC Malta.
The news was first reported by Times of Malta.
The newspaper also reported that the company teamed up with an unnamed bank to help fund the deal, making an offer well above the €204 million that HSBC Continental Europe paid in November 2022 for its 70 per cent stake from HSBC London.
HSBC later reportedly raised its price, leading RS2 to pull out of the deal while the partner bank decided to continue on its own and entered negotiations.
Two other bidders remain in negotiations to acquire HSBC Bank Malta, including a local business consortium. However, the consortium is reportedly offering significantly less than the €200 million asking price.
Last month, RS2 had 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.
RS2 had previously 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 had announced plans to revive the still-beloved Mid-Med Bank brand. However it is not clear whether this option is still on the cards since RS2 has withdrawn from the deal.
Written By
Adel Montanaro
Adel Montanaro is a storyteller at heart, combining a journalist’s curiosity with a deep love for music and creativity. When she’s not chasing the next great story, you’ll find her at a local gig, brainstorming fresh ideas, or surrounded by her favourite people and pets.
