HSBC contacted by “a number of parties” interested in its shareholdings

by Gozo News · November 28, 2024

HSBC contacted by "a number of parties" interested in its shareholdings HSBC Malta has issued a company statement regarding a “strategic review” by HSBC Holding of its indirect 70.03% shareholding in the Bank.

The Bank announced that it had been advised by its majority shareholder, HSBC Continental Europe, that HSBC Holdings has been contacted by “a number of parties who have expressed interest in its shareholding in the Bank and have requested to conduct due diligence prior to confirming their interest.”

In this respect, HSBC Continental Europe said that it has requested the Bank to seek authorisation from its shareholders to furnish and disclose information, including unpublished price-sensitive information, to bona fide offeror(s), the corresponding bona fide transferor and their respective advisers, as may be necessary to enable such:

(i) prospective bona fide offeror(s) to make, confirm, withdraw or modify any offer(s) for a Substantial Shareholding (as defined in Capital Markets Rule 5.174); and

(ii) prospective bona fide transferor of a Substantial Shareholding to evaluate, negotiate and/or confirm any said offer(s),

In each case, with any necessary assistance from their respective advisers, HSBC said.

The Bank stated that for such purpose, and in accordance with the Capital Markets Rules, the Bank will be required to convene an Extraordinary General Meeting. A further Company Announcement providing the date and details of the EGM will follow in due course.

“The majority shareholder has reiterated that no decisions have been made regarding its shareholding in the Bank and that HSBC Holdings continues to consider a full range of options,” the Bank said.

An HSBC Malta spokesperson said that, “further to today’s Company Announcement we remind our customers, Bank employees and other stakeholders, that the Bank will continue to comply with its banking confidentiality and data privacy obligations at all times. These are continuing obligations for the Bank and will remain applicable even during any due diligence process that is undertaken.”