The sale of HSBC Malta looks set to be finalised on 15 September, with Greek bank CrediaBank expected to sign the agreement that will see it take control of Malta’s second largest bank. The date also tallies with a meeting that CrediaBank CEO Eleni Vrettou has scheduled with stockbrokers in Valletta on 16 September, according to financial commentator Paul Bonello.

HSBC launched a strategic review of its Maltese operations in September 2024, setting in motion a year-long search for a buyer. Several potential suitors, including APS Bank, RS2 and a Maltese consortium, were reported to have expressed interest, but negotiations in recent months centred on CrediaBank, which emerged as the frontrunner this summer. Exclusive talks were later announced, leading to the deal now expected to be signed next week.

Alexandros Exarchou, CEO of Thrivest Holdings and a key force behind the acquisition, was quoted by Who’sWho as calling the transaction “one of the greatest successes of the banking sector in Greece”. He said the signing would immediately double CrediaBank’s real value to between €1.3 and €1.4 billion. HSBC Malta’s strong deposit base and high liquidity, he argued, create the conditions for dynamic growth, positioning CrediaBank to compete at a higher tier within European banking.

The acquisition will expand CrediaBank’s total assets from €7.5 billion to over €15 billion and boost its loan portfolio from €4.4 billion to €7.3 billion, effectively doubling its size overnight. Exarchou insisted the purchase was not a side venture but a central part of the bank’s long-term strategy, designed to bolster international credibility and strengthen its capacity to support small and medium-sized businesses across its markets. He also highlighted the role of the Hellenic Financial Stability Fund, which owns 36 per cent of CrediaBank through Greece’s sovereign wealth vehicle, saying the deal would mark the first time the fund not only recovered its money but also turned a profit.

For HSBC, the sale marks the end of a decades-long presence in Malta, while for CrediaBank it signals the beginning of a high-stakes chapter. Yet the sharp 70 per cent rally in CrediaBank’s share price in the weeks before the talks became public has raised questions.

In a Facebook post, Bonello warned that Maltese minority shareholders will be watching closely to ensure they do not lose out, cautioning CrediaBank that any perception of a “smart Greek deal” at their expense could sour relations from the outset.

If the signing goes ahead on 15 September, CrediaBank will not only secure its foothold in Malta but also send a message across Europe that it is ready to play in a bigger league, with both opportunities and expectations running high.