HSBC takeover cannot 'take forever', Finance Minister warns
Shareholders, workers and the economy could be impacted if deal is not closed within 'reasonable' timeframe, Clyde Caruana said

HSBC’s takeover cannot “take forever” because it risks impacting shareholders, workers and the wider economy, Finance Minister Clyde Caruana warned on Tuesday.
Caruana said that while he understands that a complex process like this must inevitably take months, dragging it on for too long is far from ideal for customers, businesses and the economy.
The finance minister was fielding Times of Malta questions days after APS announced they were pulling out of the controversial deal.
“Eight or nine months have passed since the announcement. I understand the process needs to take its course, but every beginning must have an end,” he said.
“In the interest of shareholders, workers, the economy, and businesses, it must come to an end. It cannot take forever. The timeframe needs to be reasonable.”
Race began in September
The process to find a buyer for HSBC Malta began last September, when the global banking giant announced its intention to possibly exit the country. The Church-owned APS quickly emerged as the main contender to take over HSBC’s operations, but the bid was mired in controversy from the start.
Critics, including financial experts, questioned whether the European Central Bank (ECB) would approve a deal that risked narrowing Malta’s already limited banking sector.
Others expressed concern over whether the Church should be doing such business.
On Thursday last week, APS Bank abruptly announced that it was “regretfully withdrawing” from the bidding process, citing confidential information obtained outside the due diligence process as a key reason for its decision.
Then on Sunday, Times of Malta reported that the deal had caused serious concerns among senior Church officials, including the Archbishop, over alleged plans for mass layoffs - claims which APS has vehemently denied as “lies” and “evil machinations”.
The bank insisted that no job cuts had been discussed at any stage of the talks and reiterated its commitment to avoiding redundancies, particularly in conversations with Church leadership.
So, who's next?
On Tuesday, Caruana confirmed there were other contenders vying to buy HSBC Malta, but said it was not his place to disclose the names.
“I'll only stress - as I've already done - that we need to have more competition, not less, and that whoever acquires HSBC must have a good reputation,” he said.