BOV says it is not interested in acquiring HSBC Malta

The Bank of Valletta is not interested in acquiring HSBC Bank Malta shares, with BOV issuing a company announcement on Wednesday stating that following statements made by relevant authorities, it is clarifying that it is not interested in entering into transactions which would be, or could be perceived as, “directly increasing market concentration in the banking industry.”

Therefore, BOV said that it will not be pursuing any transactions relating to the acquisition of shares in HSBC Bank Malta.

BOV had confirmed on Tuesday that it had been approached to be a part of a consortium which expressed interest in prospective financial bids concerning HSBC Bank Malta. In a company announcement on the Malta Stock Exchange, BOV had said it was not surprised that it was approached.

HSBC’s operations in Malta have been up for sale for the last few months, with bidders being widely speculated.

APS Bank was initially among the cohort of bidders, but it said that it had withdrawn itself from the bidding after it received confidential information external to the due diligence process which made it immediately pull out of the deal.

German fintech powerhouse RS2 has also formally entered the race to acquire HSBC Malta, positioning itself as a serious contender and pledging to revive the Mid-Med Bank brand, and Hungarian bank OTP was also among the initial list of bidders but is thought to have been discarded as an option.