HSBC Bank Malta will hold an extraordinary general meeting on February 13 to seek authorisation for the disclosure of information in relation to the potential transfer of a substantial shareholding.

The bank had said in November that its mother company, HSBC Holdings, had been contacted by a number of parties who expressed interest in acquiring its 70.03% shareholding and had asked to conduct due diligence.

It therefore intended to hold the EGM to seek authorisation from its shareholders to furnish and disclose information, including unpublished price-sensitive information, to bona fide offeror(s) and their respective advisers, as may be necessary.

Last September, Times of Malta reported that takeover negotiations between APS Bank and HSBC’s global shareholders had been underway for more than two years, ever since it became apparent that HSBC Malta was looking to wind down its operations. 

APS subsequently confirmed its interest in bidding for the bank, which is Malta's second largest. The names of other potential bidders have not been revealed.