HSBC Malta’s CEO Geoffrey Fichte has said in an interview with the Times of Malta that the bank is not interested in leaving Malta. In recent years, HSBC Malta reduced its physical footprint by closing many of its branches, reduced its headcount, and removed many high-risk clients from its books. Given its actions, there were rumours that HSBC Malta was for sale. The CEO denied that HSBC Malta was for sale, however, did not dismiss a scenario where HSBC’s stake in HSBC Malta could be sold to a bidder.
HSBC Malta has a very strategic and important role in our society and economy because it is the only major bank in Malta that is not captured by the Labour Party, and/or has no connection with any other major Maltese entity or institution. You could make use of APS Bank if you wanted a bank that has no ties to the Labour Party, but APS also has its values and ideology and as the Church’s bank, it prioritises services to Catholic families.
Bank of Valletta, which is Malta’s biggest bank is run by a Labour Party apparatchik and the bank is completely captured by Labour Party loyalists.
HSBC Malta is the only major local bank that is ideologically and institutionally neutral in our society and this is why it is so important, especially to people like me who literally need a bank that is not run by Labopur Party apparatchiks. It wouldn’t be a problem if HSBC Malta was sold to another foreign bank as long as the new buyer would conserve its ideologically neutral status.
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