(Bloomberg) -- HSBC Holdings Plc has started a strategic review of its Maltese arm, marking the latest move by Europe’s largest bank since the appointment earlier this month of its new Chief Executive Officer Georges Elhedery.
In a statement to the Maltese stock exchange, HSBC said it had informed the directors of its business in the country that it was looking at options for the lender’s 70% stake in the operation. It added that it would provide further updates in due course.
“The bank recognises the important role it plays in Malta’s economy and society and is making this announcement in line with its market obligations, and to support the smooth functioning of the public market,” the London-based lender said in its statement.
HSBC has disposed of several major businesses in recent years, including its Canadian unit and its French retail banking operations. It has said it could review other businesses as well.
A potential sale of the Maltese business would mark the first business to be sold by Elhedery since he became CEO of HSBC on Sept. 2.
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