HSBC Malta direct shareholding transferred to HSBC's French subsidiary
HSBC Bank Malta has switched its majority shareholder, saying the change was required in order to comply with an EU directive. HSBC Europe BV transferred its direct shareholding in the Maltese bank to HSBC Continental Europe (HBCE). This means that HBCE now holds a direct shareholding of 70.0295% in the bank - equivalent to 252,320,580 voting rights. The local bank assured customers in a statement that the transaction will not involve any change in the day-to-day business of the bank and its subsidiaries (the HSBC Malta Group). Ultimate control of the HSBC Malta Group will not change and will remain vested in HSBC Holdings plc. “This transaction, in essence, simply means that the HSBC Malta Group’s direct shareholding was transferred from HEBV to HBCE to align with EU regulatory requirements," HSBC Malta CEO Simon Vaughan Johnson said. "Ultimate control of the HSBC Malta Group will not change and will remain vested in HSBC Holdings plc. Therefore, this transaction does not change the day-to-day business of the HSBC Malta Group, or the way we interact with or serve our customers." The bank said the transaction was carried out to ensure compliance with a revised version of EU...