Ritratt: Geoffrey Fichte, CEO, HSBC Bank Malta p.l.c. u William Portelli, President, Malta Union of Bank Employees (MUBE)HSBC has announced that it has signed a definitive agreement with CrediaBank concerning the proposed sale of the majority shareholding in HSBC Bank Malta.
Following the completion of the bank’s internal board approval process, HSBC and CrediaBank entered into a binding sale and purchase agreement covering the shares held in HSBC Bank Malta, as part of what has been described as the Proposed Transaction.
In parallel, HSBC Bank Malta, its parent company and CrediaBank have also concluded a cooperation agreement outlining their respective obligations in relation to the transaction. As previously communicated, the proposed deal remains subject to the fulfilment of all required corporate and regulatory approvals.
HSBC also confirmed that it has reached an agreement with the Malta Union of Bank Employees (MUBE), bringing to an end an ongoing industrial dispute. In September, HSBC Malta staff staged a sit-down strike amid negotiations led by the union.
Under the terms of the settlement, and subject to the successful completion of the proposed transaction, HSBC Bank Malta will make a series of ex gratia payments to eligible employees. Provided the bank’s profitability and capital position do not materially deteriorate, HSBC’s financial contribution towards the agreed settlement is expected to amount to €10 million.
Earlier confirmations by HSBC Bank Malta indicated that the group had agreed to sell its 70.03% majority stake to Greek bank CrediaBank S.A. for €200 million. Minority shareholders are set to be offered €1.44 per share.
The sale of the majority stake was first announced in August, with further details confirmed by the bank in September.
MUBE satisfied with agreement
The Malta Union of Bank Employees (MUBE) lauded the successful conclusion of an extensive and highly complex process culminating in a “fair, balanced, and forward-looking agreement” to settle and cooperate totalling 30 million Euro.
In a statement, it said this outcome stands as a testament to MUBE’s unwavering commitment, strategic acumen, and resolute advocacy on behalf of its members even under such circumstances. Despite the inherent complexity and intensity of the negotiations, MUBE’s principled approach, persistence, and constructive leadership ensured that consensus was ultimately achieved, with all parties fully aligned behind a sustainable and equitable result.
The agreement reached is a clear reflection of meaningful social dialogue, mutual respect, and a shared determination to safeguard employees’ interests while ensuring long-term stability. It underscores the vital role played by the Bankers’ Union in steering negotiations toward a solution rooted in fairness, transparency, and responsibility.
Following the resounding vote of approval by MUBE members, the Bankers’ Union will continue to exercise diligent oversight throughout the completion of the transaction and the formal registration of the transfer of shares, reaffirming its role as a vigilant and proactive guardian of its members’ rights.
Upon completion of the transfer, all employees engaged on an indefinite contract and covered by the Collective Agreement with MUBE, who were employees of the Bank as at 1 December 2025 and who remain employed at the relevant payment dates, will benefit from three equal payments distributed over an agreed timeframe on and subject to the terms of the agreement, effectively supporting employees throughout the transition phase.
Thereafter, attention will shift to the next strategic phase, during which employees will witness the anticipated transformation in the Bank’s majority shareholding, marking a significant milestone in the institution’s evolution.MUBE extends its sincere appreciation to all members of staff and all parties involved in the negotiations for their exemplary patience, professionalism, and steadfast commitment throughout this demanding process.
MUBE President William Portelli said: “Ultimately, this agreement powerfully demonstrates that when dialogue is underpinned by goodwill, collaboration, and mutual trust, even the most complex challenges can be transformed into shared success.”
Greek lender CrediaBank has announced further steps to strengthen its long-term growth strategy, as it moves forward with the acquisition of a majority stake in HSBC Bank Malta.
In a statement issued on the day it confirmed a definitive agreement to acquire 70.03% of HSBC Malta, CrediaBank said it is also engaged in exclusive discussions with the shareholders of Pantelakis Securities over a potential purchase of a 70% stake in the Greek financial services company.
Founded in 1920, Pantelakis Securities is one of Greece’s longest-established brokerage firms and a historic member of the Athens Stock Exchange. The company provides brokerage and equity capital markets services to both retail and institutional clients, covering Greek and international equities, bonds and derivative instruments. It previously formed part of the HSBC Group, operating under the name HSBC Securities until 2012, and maintains a longstanding relationship with HSBC London.
CrediaBank said the potential acquisition aligns with its strategy to diversify revenue streams and expand into new financial markets, while also supporting the smooth integration of HSBC Malta into the CrediaBank Group. The firm noted that Pantelakis Securities’ deep sector expertise and familiarity with HSBC’s operational model are expected to generate added value, building on CrediaBank’s experience from earlier HSBC integrations in Greece.
The bank said the move underlines its commitment to developing a diversified and resilient financial services platform and strengthening its presence in key European market segments. The acquisition of HSBC Malta remains subject to regulatory approvals and is expected to be completed in early 2027.
Employee compensation agreement finalised
Meanwhile, the Malta Union of Bank Employees (MUBE) announced that a lengthy and complex negotiation process has concluded with a compensation agreement worth €30 million for HSBC Malta employees.
In a statement, MUBE said the outcome reflects its sustained commitment to protecting workers’ interests, even in challenging circumstances. The union described the agreement as fair and balanced, achieved through persistent engagement and constructive leadership.
MUBE said the deal stands as an example of effective social dialogue based on mutual respect and determination, ensuring employee protections while safeguarding institutional stability.
The union confirmed it will continue to monitor the transaction until the share transfer is finalised and formally registered.
Once the transfer is completed, employees on indefinite contracts covered by the collective agreement with MUBE — who were employed with the bank as of 1 December 2025 and remain employed on the relevant payment dates — will receive three equal payments over an agreed period. The payments are intended to support staff during the transition phase.
MUBE expressed appreciation to employees and all parties involved in the negotiations for their patience, professionalism and commitment throughout the process.
MUBE president William Portelli said the agreement demonstrates that even the most complex challenges can be resolved successfully when dialogue is grounded in goodwill, collaboration and mutual trust.
