Ardshinbank, one of Armenia’s largest banks, has submitted a bid to acquire HSBC Malta, reports suggest. It is believed to be one of two Eastern European banks vying for the deal, though the other remains unnamed. The bank recently took over HSBC’s operations in Armenia, following the global group’s exit after 30 years. Ardshinbank holds around 20% of the Armenian market, operates 71 branches, and serves over 400,000 clients. It reported a profit of $338 million (€289 million) in 2024. While the bank enjoys stable ratings, concerns have been raised over the owner’s past business links to Russia. The acquisition would require approval from HSBC’s leadership, the Malta Financial Services Authority, and the European Central Bank. Regulatory reaction to the bid remains unclear. (Times of Malta)
Missing man Jan Pace found dead in Pietà
Jan Pace, the 36-year-old hairdresser reported missing earlier this week, was found dead on Sunday afternoon in Tal-Pietà. Police said the discovery was made at around 4:45pm at a property in Triq il-Marina, while a search involving drones was still underway. Just a day earlier, the public had been asked to assist in locating him. Pace was certified dead at the scene. A magisterial inquiry has been launched, led by Magistrate Philip Galea Farrugia, and police investigations are ongoing. (Newsbook)
Industrial output rises 3.7% in May, driven by food and electronics
Malta’s industrial output rose by 3.7% in May 2025 compared to the same month last year, according to figures released by the National Statistics Office. Excluding energy, the increase stood at 4.0%. The growth was largely fuelled by a strong performance in the manufacturing sector, which recorded a 3.9% rise. The sharpest increase came from the production of food and beverages, which surged by 11%, followed by a rise in other manufacturing sectors (8.8%) and electronics and motor vehicles (8.3%). However, some manufacturing segments saw declines. Output in wood, paper and printing fell by 11.3%, rubber and plastic products dropped by 5.5%, and pharmaceutical production slipped by 0.5%.
