Greek bank CrediaBank gave HSBC just 15 days to accept its offer for HSBC Malta, according to majority shareholder Alexandros Exarchou.

Speaking in an interview with Times of Malta, Exarchou said he only learned of HSBC’s planned exit on 15 July – exactly one month before the deal was sealed. He said the bank had submitted its offer at the start of August and told HSBC the window to decide was short.

“We clearly told them that our offer is valid for 15 days,” he said. “If they wanted us and they wanted our price, they had to say yes on or before 15 August, otherwise we would have gone on vacation.”

HSBC accepted, and on 15 August both banks confirmed that CrediaBank had been chosen as the preferred bidder. Greek media reported last week that the final signing is expected on 15 September.

In his interview with the Times, Exarchou described the transaction as “very straightforward” and insisted that minority shareholders, who hold almost a third of HSBC Malta, will ultimately benefit. He said that while they might not find the price offered to be good enough in the short-term, those who decide to keep their shares will ultimately “make more money than they have now”.

The agreed price has not yet been disclosed.

The deal is set to double CrediaBank’s balance sheet overnight, with assets rising from €7.5 billion to over €15 billion and its loan book from €4.4 billion to €7.3 billion. Exarchou has called it “one of the greatest successes of the banking sector in Greece,” arguing that HSBC Malta’s strong liquidity and deposit base create conditions for “dynamic growth.”

HSBC’s exit from Malta has been a year in the making. The global banking giant launched a strategic review in September 2024, prompting months of speculation about potential suitors. APS Bank, RS2 and a Maltese consortium were all reported to have shown interest, but exclusive talks with CrediaBank were announced this summer.