Greek vice president Kostis Hatzidakis has welcomed CrediaBank’s acquisition of HSBC Malta, describing the €200 million deal as positive news for both the banking sector and the Hellenic Republic following Tuesday’s official announcement.
This came as Times of Malta reported that CrediaBank will acquire the deal at a substantial discount, paying approximately €228 million below HSBC Malta’s book value. The Greek bank described this as generating “substantial badwill” that could boost profits once the transaction completes.
The agreed €200 million price for HSBC Continental Europe’s 70% stake represents a discount of nearly 55% on the bank’s book value, which hovers around €600 million. This means the 70% stake being sold was valued at roughly €428 million, making the final price significantly below market expectations.
“The reinforcement of the fifth pillar contributes to greater competition within the market,” Hatzidakis stated during his public address. The Greek vice president, who served as the responsible minister during Attica Bank’s restructuring, noted that the deal validates the Kyriakos Mitsotakis government’s earlier decision to support the bank’s stabilisation.
The transaction structure sees CrediaBank paying €0.793 per share for the majority holding, whilst minority shareholders will receive a premium offer of €1.44 per share through a mandatory takeover bid. This represents approximately 9% above Monday’s closing price of €1.32.
Earlier reports from August indicated intense competition for the Maltese bank, with Hungarian OTP Bank and APS Bank initially showing interest. However, the Times of Malta had reported that various bidders withdrew due to regulatory concerns and other complications, ultimately narrowing the field to CrediaBank.
The acquisition builds upon CrediaBank’s experience integrating HSBC operations, having successfully absorbed the British bank’s Greek business in 2023 when HSBC exited that market. The bank, formerly known as Attica Bank before merging with Pancreta Bank, retained nearly 90% of HSBC Greece’s retail customers during that transition.
CrediaBank has committed to maintaining HSBC Malta’s entire 1,100-strong workforce “on materially the same terms for at least two years” following completion. The bank will continue trading on the Malta Stock Exchange, preserving its listed status for remaining minority shareholders.
The deal requires regulatory approval from the Malta Financial Services Authority, European Central Bank, and Bank of Greece, with completion expected by the end of 2026. Once finalised, CrediaBank will become Malta’s second-largest bank with approximately 24% market share.
The acquisition represents CrediaBank’s first international expansion, supported by its ownership structure including prominent Greek shipping magnates and a 36% stake held by the Greek state through its sovereign wealth fund.
