APS Bank has not ruled out returning to the race for HSBC Malta, CEO Marcel Cassar said on Thursday, while warning that the bank will only revive its interest if policymakers and regulators provide clear guidance.

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Cassar confirmed that there had been “attempts” to bring APS back to the negotiating table in recent weeks, but said any renewed involvement depends on “clarity” from local authorities after the institutional resistance that derailed its original bid.

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APS was the first bank to formally express interest in acquiring HSBC Malta last November and quickly emerged as an early favourite. But it became the first to pull out in April, citing the lack of a clear policy direction and after spending almost €2 million preparing its proposal.

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Finance Minister Clyde Caruana had at the time said Malta needed “more banking competition, not less,” a remark widely seen as dimming APS’s prospects of securing the deal.

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On Thursday, Cassar stressed that APS remains open to domestic and international acquisitions but raised concerns over mixed messages from policymakers.

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“It contradicts what European policymakers and the European Central Bank are saying,” Cassar said, referring to calls for European banks to strengthen through sustainable, profitable models to compete with their U.S. and Asian counterparts.

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He argued that protecting customers “is not always achieved by having more banks” and urged regulators to give clear direction on the country’s long-term vision for its financial services industry.

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“The longer the process drags on, the less interest we have,” Cassar added.

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