HSBC’s Departure from Malta: An Overview
Recently, an interview between HSBC and the Chair of the Malta Stock Exchange (MSE) caught the attention of financial practitioners. The interview, conducted by MSE Chairman Joseph Portelli, took place just days before HSBC announced its departure from the country.
Despite the anticipation surrounding HSBC’s potential departure from Malta, Portelli missed addressing this issue during the interview with HSBC Bank CEO Geoffrey Fichte. Instead, he focused on the investments HSBC was planning for Malta, portraying a picture of smooth sailing ahead.
Concerns and Reactions
Following the announcement of HSBC’s exit from Malta, concerns arose regarding the appropriateness of the interview and its timing. Various practitioners expressed reservations about the role of the MSE Chairman in conducting interviews and providing a platform for a listed company to promote itself.
HSBC’s initial denial of discussions with APS Bank for a possible sellout was contradicted by subsequent announcements, indicating a shift in the bank’s stance. However, questions remain about the implications of APS Bank acquiring HSBC, given the former’s size in comparison to Malta’s second-largest bank.
The Future of HSBC in Malta
Despite the uncertainties surrounding HSBC’s departure and potential acquisition, Geoffrey Fichte emphasized the bank’s long-term commitment to Malta in previous interviews. He reassured the public of HSBC’s dedication to investing in the local economy and implementing new technologies like Artificial Intelligence.
Regulators are expected to closely monitor any developments regarding HSBC’s exit and potential acquisitions to address competition concerns effectively.
Source : theshiftnews.com