HSBC Malta is set to issue up to €30 million in compensation to its employees as its leave the islands and its operations are taken over by its new buyer, Credia Bank. Credia Bank has promised that it will keep all of the employees and promised to invest even further in the bank.
Bank employees who have been employed with the bank for up to 15.5 years will receive up to €18,612 in compensation. The payments will be made in three tranches. The first tranche will be posted within 31 days after the completion of the agreement, the second tranche paid within 30 days after the AGM subject to the bank’s profitability and the last tranche to be paid within 31 days after the first anniversary of the agreement’s completion date.
The agreement will be voted upon by the HSBC Malta employees who are members of the Malta Union of Bank Employees later on today in a meeting held online. The agreement proposal comes following a series of strikes by HSCB Malta employees.
HSBC Malta has been sold to Credia Bank for less than its market less than half of its market value at €200 million and the loss will be written off in the books of HSBC Holdings.
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