HSBC Malta sale to Crediabank will be for €200 million

HSBC Malta said that the sale of 70.03% of its shareholding to CrediaBank would be for the price of €200 million, a company announcement by the Maltese bank on the stock exchange shows.

HSBC Bank Malta said that it has signed an acknowledgment of a put option agreement between HSBC Continental Europe (“HBCE”) and CrediaBank S.A. (formerly known as Attica Bank) regarding the potential sale of HBCE’s majority shareholding in the Bank. The agreement provides the terms under which HBCE would sell its 70.03% shareholding to CrediaBank

The terms of the Potential Transaction contemplate CrediaBank paying a price per share of €0.793 for HBCE’s entire shareholding in the HSBC Bank Malta, amounting in total to €200 million.

Following the potential transaction, CrediaBank would become the majority shareholder in the bank and would launch a mandatory takeover offer for the remaining shares held by the minority shareholders, who would have a choice about whether to accept the offer or retain their shares, HSBC Bank Malta said in its company announcement.

“HSBC Bank Malta has been informed that this Potential Transaction represents a strategic opportunity for CrediaBank, and that it is well-placed to invest in and grow the Bank. The Bank has also been informed that CrediaBank will retain the Bank’s management team and intends to maintain the Bank’s listing on the Malta Stock Exchange. The Bank has been assured that CrediaBank has committed to retain the Bank’s employees on materially the same terms for a period of at least 2 years from the completion of the Potential Transaction. The Potential Transaction is expected to be completed by the end of 2026, subject to obtaining corporate and regulatory approvals, and the parties’ arrangements to implement the Potential Transaction.”

The potential transaction is subject to an information and consultation process with HBCE’s employee works councils in France, in accordance with HBCE’s obligations under French labour law, the company announcement read.

“If, following the finalisation of the information and consultation process, HBCE decides to proceed with the Potential Transaction, then: HBCE and CrediaBank will enter into a definitive agreement for the sale and purchase of HBCE’s shareholding in the Bank; and the Bank (HSBC Malta), HBCE and CrediaBank will enter into a cooperation agreement to govern their respective obligations in relation to the Potential Transaction. The Potential Transaction then would be submitted to relevant regulators, including the European Central Bank, the Malta Financial Services Authority (MFSA) and the Bank of Greece for approval.”

CrediaBank is the fifth largest bank in Greece by total assets serving around 300,000 active corporate and retail customers through a total of 65 retail banking branches and 5 business centres across the country. It acquired HSBC Greece, through Pancreta Bank, in 2023.