HSBC to 'close or sell' Malta business: reports

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HSBC to 'close or sell' Malta business: reports

HSBC has put its Malta operations under review as part of a more drastic overhaul of its businesses around the world.

Malta joins a list of under-performing markets where the Asia-focused bank is reconsidering or reviewing its future. These include the United States (as reported this week), France, Turkey, Bermuda, New Zealand, Greece and the Phillipines. 

Previous efforts to sell were scuppered by a lack of buyers, and HSBC decided to run a slimmed-down operation in Malta over past five years.

Malta joins a list of under-performing markets where the Asia-focused bank is reconsidering or reviewing its future."

HSBC's Maltese division employs around 1,400 staff. The bank's history stems from the British Midland Bank, which HSBC took over in 1992 and rebranded to HSBC in 1999.

However, HSBC Malta declined to comment, saying in a statement: "As has been the case in the past, the bank's media policy is not to comment on speculative stories."

HSBC Holdings, the UK-based parent company, is reported to be considering a much more profound overhaul than its initial announcement involving job cuts of 35,000, outlined only in March.

The bank is understood to be pressing ahead "wherever possible" with its restructuring, in an effort to save more than $4.5bn in costs and shed €100bn worth of under-performing assets.

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.