CrediaBank originally dismissed the idea of buying HSBC Malta but returned to the table months later when the sale process had stalled and the bank had grown “almost desperate”, CEO Eleni Vrettou told Times of Malta in her first interview with the local press.

The Greek lender was first approached about the possible acquisition in December 2024, shortly after HSBC announced its exit from Malta. At the time, CrediaBank was finalising a complex merger with Pancreta Bank and decided not to take on another major deal.

By mid-2025, however, the circumstances had shifted. Vrettou said that when the advisors came back in July, HSBC’s divestment talks were “going nowhere” and the bank was eager to close. That gave CrediaBank the leverage to put forward a deal, positioning itself as “the best chance” for the sale to be finalised.

Vrettou also pushed back at critics who say Malta is losing a globally renowned bank only to be replaced by a much smaller institution. She argued that unlike HSBC –  which she described as having “deprioritised” Malta in recent years – CrediaBank intends to give the local market real attention, investment, and better service.

The CEO also confirmed that despite speculation, the revived Mid Med Bank name is unlikely to make a return. CrediaBank carried out research on both names, with results showing mixed reactions to the historic brand. For now, the bank is expected to keep its own name as it prepares to take over HSBC Malta’s operations in the second half of next year.

CrediaBank will inherit more than 900 employees as part of the acquisition. While industrial relations remain a matter between HSBC and the bank workers’ union, Vrettou noted the Greek bank has a vested interest in ensuring a smooth transition – especially after HSBC staff staged a strike last week demanding compensation.