Acquisition of HSBC Malta set to boost Attica Bank’s wealth and maritime divisions

Attica Bank is preparing to venture beyond Greece for the first time, with CEO Eleni Vrettou targeting the acquisition of HSBC Malta, a move aimed at bolstering the bank’s wealth management and maritime finance capabilities.

According to a report on Greek news portal crisismonitor.gr, the proposed deal reflects Attica’s strategy to diversify revenue streams, leverage Malta’s advantageous tax regime, and gain a foothold in Middle Eastern markets.

Additionally, many executives at Attica Bank, including Ms Vrettou, have a background within HSBC itself, which benefits the bank from familiarity with HSBC’s operational culture and networks.

Attica Bank has prior experience in transformative deals. In 2024, Attica absorbed Pancreta Bank, which explains a loss of over €300 million reported in FY2024, but also led to Attica becoming the fifth largest bank in Greece.

As of early 2025, Attica’s assets stand at €7.2 billion, with an operating profit of €20.1 million in the first quarter. The bank’s ownership structure is split between Thrivest Holding, which controls 54.6 per cent, and the Hellenic Public Properties Company, on behalf of the Greek state, holding 36.2 per cent.

If the HSBC Malta deal goes ahead, Attica Bank would come under the direct supervision of the European Central Bank (ECB) via the Single Supervisory Mechanism (SSM), aligning it with the EU’s highest prudential oversight standards.

So far it has not emerged whether Attica Bank plans to retain the HSBC brand or absorb it entirely under the Attica brand, if successful.

Should Ms Vrettou’s acquisition strategy succeed, Attica Bank would strengthen its foothold in wealth management, shipping finance and cross-border banking, while enhancing its overall institutional depth.

However, crucial details, including brand strategy, operational integration, access to HSBC’s global network and the terms of regulatory handover, are yet to be disclosed.