CrediaBank has rejected allegations that it misled stakeholders about one of its shareholders facing prosecution in Greece, after Maltese political party Momentum called for full transparency around the bank’s planned acquisition of HSBC Malta.

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The Greek lender — selected as the preferred bidder to take over HSBC’s Maltese operations — was responding to comments made locally after Greek Movement for Democracy politician Stefanos Kasselakis claimed the bank had “falsely denied” that shareholder Alexandros Exarchou is under indictment.

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Momentum drew attention to those claims, stressing that the Maltese public and journalists deserve clarity about the integrity of the institution that may soon control one of Malta’s largest banks. The party noted that Exarchou, who is a shareholder in CrediaBank through another company, Thrivest, is among 23 people formally indicted by the European Public Prosecutor’s Office (EPPO) in relation to a major public construction contract in Greece.

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Momentum treasurer Carmel Asciak said the issue “goes to the heart of transparency.” He warned that if the Greek allegations prove correct, CrediaBank would have started its Maltese venture “on the wrong footing.”

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In a strongly worded statement, CrediaBank said it “categorically rejects and expressly objects” to claims that it misled the public. The bank insisted it operates to the highest standards of transparency, corporate governance, and regulatory compliance as both a regulated entity under the European Central Bank and a publicly listed company on the Athens Stock Exchange.

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The lender confirmed that Exarchou had been included in an EPPO investigation into “Contract 717,” which ran for nearly a decade. However, it emphasised that no decision has been taken to refer him to trial and that he has not been convicted of any offence.

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“The fact remains that while an investigation was initiated by the Office of the European Delegated Prosecutors in Athens, no decision has been issued to date to refer Mr Exarchou to trial, nor has Mr Exarchou been convicted of any related offence. The case still remains under investigation,” the bank said.

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CrediaBank also underlined that Exarchou only held office at the company involved in the contract for 1.5 years of the project’s nine-year span, and that during his tenure no funds were received under the agreement. It added that judicial proceedings at this stage are not public.

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According to the bank, the matter has already been disclosed to European and national supervisory authorities as part of its regulatory obligations. “To date no objections have been raised,” it noted.

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The rebuttal comes at a sensitive time, as CrediaBank prepares for regulatory review of its proposed takeover of HSBC Malta. The acquisition, if approved, would represent one of the most significant banking shake-ups in Malta in recent years.

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CrediaBank said the transaction is intended to “deliver real benefits to customers, employees, shareholders and Malta’s economy, reinforcing competition, resilience, and long-term growth in the financial sector.”

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It also urged that “political considerations and other motives seeking to distort facts are kept separate from this commercial transaction,” stressing that the deal will be rigorously assessed by regulators on its merits.

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For now, the bank remains the frontrunner in the acquisition process. But the exchange highlights the scrutiny facing CrediaBank as it attempts to expand beyond Greece, with questions raised locally about both transparency and public trust.