HSBC Bank Malta plc - Strategic Update

On 11 June 2021, HSBC Bank Malta plc announced that it will be rolling out a new strategic initiative aimed at further improving the bank’s operational structure to drive efficiencies and enhance customer experience. The initiative will create a leaner working model that is externally-focused and performance-led, building and investing in a bank that is fit for the future and which is centred around customers.

In this respect, HSBC explained that the new initiative relates primarily to the transformation and automation of certain areas within the bank, and also to a planned transfer of a number of employees and activities to a local service provider. To achieve this, the bank is proposing the launch of two Voluntary Redundancy Schemes that will impact a limited number of areas in the bank, subject to MUBE (Malta Union of Bank Employees) agreement.

The restructuring costs to deliver these changes will be booked in the 2021 financial results, but as the Voluntary Redundancy Schemes are voluntary, the amount will depend on the number of applications. The bank will make a further company announcement at the appropriate time.

Commenting on the new initiative, HSBC’s CEO Mr Simon Vaughan Johnson explained that: “Today’s announcement aligns with our Safe Growth strategy. One of the key principles of our strategy is to make it simpler for our customers to do business with HSBC Malta and easier for our colleagues to serve our customers. By streamlining our working model, we will create capacity for future growth and investment.”