Greece’s CrediaBank is acquiring 70.03% of the share capital of HSBC Malta for a consideration of 200 million euros, following an agreement announced on Tuesday by the two parties.
CrediaBank, the country’s fifth largest lender, will pay a price of €0.793 per share. This is a price that incorporates a significant discount of 40% compared to Tuesday’s closing stock price of HSBC Malta, which ended up at €1.33.
The acquisition, as noted in the CrediaBank announcement, will accelerate the implementation of CrediaBank’s growth ambitions, doubling its assets and expanding its activities to a new market outside Greece.