CrediaBank’s acquisition of HSBC Bank Malta is on schedule, and is expected to be completed by the second quarter of 2027, the bank’s CEO Eleni Vrettou told shareholders.

HSBC Continental Europe had agreed to sell a 70.03 per cent stake in the local bank for a total price of €200 million.

Ekathimerini reports that the CrediaBank CEO believes the transaction will double CrediaBanks’ size, and will allow it to become a systemic bank sometime next year.

Upon completion of the acquisition, CrediaBank expects to record a one-off gain of at least €235 million, the bank’s CEO said.

She told shareholders that the group’s targets regarding recurring net profits are to exceed €260 million in 2028.

She highlighted that European Central Bank approval is the next step, and that operational integration preparations of the two banks are underway.

Earlier this month, Fitch Ratings noted that the successful integration of HSBC Malta by CrediaBank could help lead to the latter getting a ratings upgrade. Fitch had assigned CrediaBank, which is in the process of acquiring HSBC Malta, a long-term rating of BB with a positive outlook, while its long-term deposit rating stands at BB+, one notch below investment grade.