Following the withdrawal of APS Bank’s bid to acquire HSBC Malta, the bank’s CEO, Marcel Cassar, has launched a PR offensive to justify the decision. The decision to withdraw may have cost the bank up to €2 million in fees according to press reports.
In several statements made to the press including during a briefing announcing APS Bank’s first-quarter results, CEO Marcel Cassar said that the bank received information from third-party sources that led to its decision to withdraw the bid. In separate statements, the CEO said that APS has not ruled out expanding by acquiring another bank or re-submitting a bid for HSBC Malta in the future. Critics have also shed doubt on the capability of APS Bank acquiring HSBC Malta given that HSBC Malta is twice the size of APS Bank.
In other press reports, APS Bank also condemned HSBC Malta accusing it of spreading rumours about job redundancies in the case it acquired HSBC Malta.
APS Bank withdrew its bid to buy HSBC Malta stating it had concerns after conducting due diligence. APS Bank was granted access to HSBC Malta’s confidential data, after submitting its bid.
Times of Malta has recently reported that German payments processor, RS2, has also submitted a bid for HSBC Malta.
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