LA VALLETTA (MALTA) (ITALPRESS/MNA) – The Malta Union of Bank Employees (MUBE) has expressed serious reservations regarding the potential acquisition of HSBC Malta by Hungary’s largest bank, OTP. In a statement released on Saturday, the union stated that it would seek to be involved in the sale process once the preferred bidders are identified. MUBE made it clear it was skeptical about the deal and urged the Maltese government to intervene if necessary to safeguard the country’s interests.
MUBE emphasized the need for transparency and fairness in the transaction, calling on the state to step in and protect the reputation and stability of the country’s banking sector. “The sale must be conducted with the utmost transparency and fairness in the broadest sense of the terms,” the union said in its statement.
OTP, which serves 17 million customers across 11 countries, was recently revealed to be among the bidders for HSBC Malta, according to an exclusive report by the Times of Malta. The bank’s potential involvement has sparked concerns in political circles, especially due to its operations in Russia, raising questions about possible reputational risks for Malta.
Finance Minister Clyde Caruana has acknowledged the concerns, stressing the need to protect Malta’s reputation, especially after its recent greylisting by the Financial Action Task Force (FATF). He also highlighted the issue of competition in Malta’s banking sector, cautioning that another local bidder, APS, could exacerbate the already limited competition.
In response to these concerns, OTP issued a letter to the Times of Malta on Saturday, asserting that it maintains professional relationships with governments in all its operating countries, while remaining politically neutral. The bank emphasized that it upholds Western standards in its dealings and does not engage in relationships that deviate from those standards.
HSBC Malta has confirmed that it has received multiple acquisition offers, and shareholder approval has been granted to allow potential buyers to access the bank’s books as negotiations continue.
MUBE has also backed the minister’s concerns, acknowledging that the sale of HSBC Malta is a complex matter that extends beyond corporate interests. “For the interested bidders and the HSBC Group, it may be just another business deal, but for MUBE and the employees it represents, it is much more,” the union concluded.
– photo IPA Agency –
(ITALPRESS).
