“It is RS2 Holding which is based in Germany that is bidding for HSBC Bank Malta and not RS2 plc, purely because we want to have all the freedom to become the only Maltese bank to go Pan-European.”
Clarifying the situation in an interview with The Corporate Times, Radi Abd El Haj, CEO of RS2 Group, explained the strategic reasoning behind the move.
“RS2 plc is a global payments company is purely focusing on payments and as a public listed company will continue to operate independently but it will be obvious that as part of the group will be servicing the need of HSBC regarding payment. This gives us the freedom and structure to realise our vision of establishing the only Maltese bank with a Pan-European footprint.”
According to Mr El Haj, the acquisition is part of a larger plan to transform HSBC Bank Malta into a digitally driven bank, powered with the latest technology in combination with RS2 plc payment platform. The company intends to retain the bank’s assets and operations in Malta while using the island as a hub for growth across Europe.
“Our vision is to combine HSBC’s banking infrastructure with RS2’s digital payments platform to create a bank that can compete in Germany, Spain, France, Italy, and Southern Europe. We aim to onboard 500.000 SMEs and corporate clients within the first five years,” he said.
While regulatory, sales, and marketing functions will be handled within each target market, Malta will remain at the heart of the bank’s operations. The rebranded entity will operate under the name MidMed Bank, marking a revival of a once-familiar name in Maltese banking.
Mr El Haj also addressed what he described as deliberate misinformation circulating in some local circles intended to derail the deal.
“We are being fully transparent. We are working closely with the European Central Bank and Malta’s regulators, and we’ve made it clear that the current management, along with their regulatory, legal, and investment expertise, will be retained. Our approach is based on continuity and growth,” he affirmed.
He emphasised that RS2’s ambition is to build a sustainable financial institution with strong expansion targets, strategic clarity, and the right leadership in place.
“MidMed Bank will be the only Maltese bank to expand beyond the island. This will introduce healthy competition to the local sector and deliver better outcomes for customers,” Mr El Haj concluded.
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