Surprise for many, if not shock, at the news that APS, originally a small bank belonging to the Church in Malta with a social mission to help low-income earners, was now in talks with HSBC to take over its Malta operation – or at least big chunks of it.
This international bank came to Malta controversially and seems set to leave it in like manner.
The regulatory, financial and transparency aspects of such a takeover are not the interest of the present contribution: these are best left to experts in the respective fields. Neither is the question whether such a deal would be in the national interest: that is for politicians to decide on.
But is it or is it not in the interest of the People of God in Malta for a bank owned by the Church to buy, or to settle for some kind of relationship with, HSBC? Would such a move make the Church more evangelical? Would it render her a more beautiful Bride of Jesus Christ?
In an era of synodality, which Church groups or committees have been consulted about this matter? We have been publicly informed by a member of the Kunsill Rappreżentattiv Djoċesan – the topmost committee in the Archdiocese of Malta with voting powers binding the bishop – that it has not been involved.
And where are the three Shepherds of the flock in all this? Surely they cannot abdicate their responsibility and leave the matter to a board of directors? The law gives the shareholders the last say.
If they were to do this, they would not only have washed away the smell of the sheep but they would also have, Pilate-style, washed their hands of the matter.
Forgotten, it seems, is the dream of Paul VI to see the Church in Malta divest itself of its image as one of the principal landowners in the country.
Conveniently shelved is the negative opinion by the late moral theologian, Arthur Vella SJ, when asked, years ago, about turning a Church bank into a commercial bank. Another example of a prophet not being welcome in his home town.
Which Church groups or committees have been consulted about this matter?
Before even initiating talks with HSBC, did the board of directors try to verify whether part of the bank’s profits are derived from the weapons industry, from the exploitative mining of diamonds and precious minerals, from other unmentionable “economic” initiatives...?
Maybe the Shepherds and their board of directors take comfort in the vista of how much “good” can be brought about by taking over this profit-manufacturing machine – how many parish debts could be paid up, how many charitable institutions might be injected with funds to save them from insolvency...
This is, of course, no justification but it is not even true that this would be possible. In the newly enlarged HSBC/APS Bank, the intention would be to sell more shares so that the Church would become a minority shareholder.
A large commercial bank would definitely follow the logic of the capitalist market and the Church’s minority shareholding would not give it the power to do anything except provide good cover and donate respectability to capitalist antics.
A former HSBC manager recounted how, seeing a long queue of people waiting to be served, he appointed a second cashier to expedite matters. He was reprimanded by his senior with the words: “Remember, we are not a charitable institution, we are here to make money.”
Maybe it is a bishop’s firm belief that a ‘baptism’ of HSBC by APS can wash away even this temptation.
Albert Borg, Marguerite Borg, Marie Alexander, Norman Alexander, Mary Anne Lauri, Mario Vassallo, Catherine Vassallo, Marion Pace Asciak and Joseph Pace Asciak are academics and persons working in various social fields.