HSBC Bank Malta is expected to contribute €10 million towards an agreed employee settlement, subject to the bank maintaining its profitability and capital strength, following the completion of the change in ownership to CrediaBank.
The bank announced that it also reached an agreement with the Malta Union of Bank Employees (MUBE) to resolve pending industrial disputes. Under the agreement, a series of ex gratia payments will be made to qualifying employees after the transaction is completed.
The settlement is tied to a €200 million agreement between HSBC Continental Europe (HBCE) and CrediaBank for the sale of a 70.03 per cent stake in HSBC Bank Malta.
The agreement follows earlier announcements, including the signing of a put option arrangement, and comes after the completion of HBCE’s French works council consultation process.
In addition, HSBC Bank Malta, HBCE and CrediaBank have entered into a cooperation agreement governing their respective obligations ahead of the transaction’s completion. As previously stated, the proposed transaction remains subject to the necessary corporate and regulatory approvals.
The bank confirmed that it will continue to provide updates to the market in line with its obligations under the Capital Markets Rules issued by the Malta Financial Services Authority (MFSA).
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Adel Montanaro
Adel Montanaro is a storyteller at heart, combining a journalist’s curiosity with a deep love for music and creativity. When she’s not chasing the next great story, you’ll find her at a local gig, brainstorming fresh ideas, or surrounded by her favourite people and pets.
