Global banking titan HSBC is to offload its Maltese card acquiring business for €11.075m.
HSBC Bank Malta will sell the said unit to HSBC Merchant Services, a subsidiary of Global Payments Inc, as part of group's strategic decisions set out earlier this year.
HSBC Chief Executive Stuart Gulliver outlined in May that after "screening" its operations through five filters - future economic potential, relevance to connectivity, profitability, efficiency and liquidity - it will "continue to invest in markets with strategic relevance and high actual or potential returns and will either turn around or dispose of other businesses."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Gulliver gave details of a cost savings programme totalling $2.5-3.5bn in an attempt to reach the cost efficiency ratio target of 48-52%.
"This is not about shrinking the business but about creating capacity to re-invest in growth markets and to provide a buffer against regulatory and inflationary headwinds," he said in May.
BC
-
End-of-tax-year money tipsThe tax year will end on 5 April, and your annual allowances for 2024/25 will disappear with it. Here’s how to get your finances in shape
-
India's stock market decline wipes out $1.3 trillion in market valueMore than $1 trillion has been wiped off from India's stock market after investors turn to China. Has the emerging-market darling hit rock bottom?
