HSBC Bank Malta plc - Voluntary Early Retirement Scheme

Thursday, November 26th, 2015

On 26 November, HSBC Bank Malta plc issued an announcement explaining that in the prevailing challenging market conditions (as expressed in the Interim Directors’ Statement dated 19 November 2015), HSBC Malta is focusing on improving its productivity and cost effectiveness by continuing to streamline its operations while investing in areas of growth and in compliance.

As part of its cost savings plan, the Bank has approved a plan to launch an voluntary early retirement scheme for its employees. The estimated cost of this one-off expenditure will depend on the number of applications received. Nonetheless, the Directors expect this exercise to lead to reduced profitability in the current financial year but will support an increased level of profitability and efficiency in future years.

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