The Malta Union of Bank Employees (MUBE) has issued a firm warning that only “genuine” and “fit and proper” bidders should be considered in the sale of HSBC’s Malta operations, as pressure mounts over the future of one of the country’s most recognisable banking brands.

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Responding to reports that Armenian lender Ardshinbank is among the front-runners to acquire HSBC Malta, MUBE president William Portelli said anything short of rigorous scrutiny would leave the union with “no option” but to act in line with local and EU legislation.

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In a statement on Friday, the union expressed frustration at what it described as a limited consultation process so far, calling it one of mere “updates” rather than meaningful involvement in selecting a preferred bidder. “It is not easy to replace a global bank such as HSBC in Malta,” Portelli said. “That makes it more relevant for the local banking sector and the Maltese economy to have only genuine bidders shortlisted.”

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HSBC’s Maltese operations have been on the market since last year, with the group confirming it would exit smaller, non-strategic markets as part of its global realignment. Six bidders initially expressed interest, but the field has narrowed sharply in recent months. Hungarian bank OTP, once considered a top contender, withdrew over reputational concerns, while Malta’s own APS Bank also dropped out.

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With Ardshinbank now believed to be one of only two Eastern European bidders left, scrutiny is intensifying. Although the other remaining contender has not been publicly identified, market sources suggest that reputational and regulatory concerns have been a recurring theme among candidates.

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MUBE, which represents employees at HSBC Malta, has been holding talks with both local management and the international HSBC Group. The union says it has also reached out to potential buyers and regulatory stakeholders to ensure staff interests and standards of governance remain front and centre throughout the deal.

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“The selected bidder should be one that pledges to apply high standards to governance and is ready to promote best practice at all times,” the union said. It added that it is ready to “fully cooperate” with any party that shares these values and is open to an honest exchange of information, particularly in relation to staff terms and conditions.

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A final decision on HSBC Malta’s new owner was originally expected by the end of spring. With that deadline now passed, and little public clarity on the sale’s status, the union has stepped up calls to be involved “in a timely manner and not when it is a fait accompli”.

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