On 10 October 2019, HSBC Bank Malta plc announced a new strategic plan aimed at increasing the Bank’s focus on digital banking services and modernising its branch network. In this respect, HSBC Malta explained that the new plan builds on the investments the Bank has undertaken in digital capabilities during 2019, which will be complemented with the creation of a new flagship branch, the development of new wealth management centres, and more flexible access to a range of self-service solutions delivered through a more cost-effective operating model. These actions will aim to help mitigate the long-term impact of negative interest rates on the Bank’s profitability in Malta.
The Bank will open a new flagship branch within its principal office in Qormi, four new wealth management centres and invest in its principal branches across the country, providing a wider range of services and improved accessibility such as parking and extended hours. Branch banking will continue to be a critical part to Bank’s service offering for the long term. However, as part of the new strategic plan, the Bank intends to close seven branches and combine two further branches into the new Qormi flagship.
HSBC Malta also added that, subject to Union agreement, a reduction in roles within the organisation will take place on a voluntary basis. The restructuring costs to deliver these changes will be booked in the 2019 financial results but as the programme is voluntary, the amount will depend on the number of applications. The Bank will make a further company announcement in due course.