HSBC Bank Malta plc - Strategic Update

On 18 November 2019, HSBC Bank Malta plc announced that following its decision for the roll-out of a strategic plan to increase its focus on digital banking services and to modernise its branch network, the bank is now in a position to confirm that it is expecting staffing levels to reduce by around 180 and, as a result, in the financial year ending 31 December 2019 the Bank will incur a restructuring charge of approximately €16 million. HSBC Malta however noted that it expects to benefit from ongoing cost savings in future years and that the implementation of the strategic actions announced in October 2019 will enable it to maximise the opportunities arising from changing customer usage of banks and to continue to mitigate long-term impact of negative interest rates.

Comments are closed.