VALLETTA (MALTA) (ITALPRESS/MNA) – Greek Vice President Kostis Hatzidakis has hailed CrediaBank’s acquisition of HSBC Malta as a “positive development” for both Greece’s banking sector and the wider economy. The €200 million deal, announced Tuesday, secures HSBC Continental Europe’s 70% stake in the Maltese lender.
The transaction price represents a steep discount of nearly 55% on HSBC Malta’s book value, estimated at around €600 million. The stake, valued at roughly €428 million, was sold for just €200 million, with CrediaBank citing “substantial badwill” that could translate into higher profits after completion.
Shares will change hands at €0.793 each for the majority holding, while minority investors will receive a mandatory takeover offer at €1.44 per share — a 9% premium over Monday’s closing price of €1.32.
Hatzidakis, who previously oversaw the restructuring of Attica Bank, said the deal “strengthens the fifth pillar” of Greece’s banking system and fosters greater competition in the market. He also argued that the acquisition validates Prime Minister Kyriakos Mitsotakis’s decision to support CrediaBank’s stabilisation strategy.
The acquisition marks a significant step in CrediaBank’s regional expansion, adding weight to Greece’s financial sector as it continues its post-crisis recovery.
– photo IPA Agency –
(ITALPRESS).
