Ritratt: HSBC MaltaThe General Workers’ Union has issued HSBC Malta plc with a 1 December deadline to provide details of compensation for employees’ past service or face legal action, as tensions escalate over the bank’s impending sale to Greek financial institution CrediaBank.
The Professionals, Finance and Services Section of the GWU warned that without sufficient time to analyse the draft financial package before it is presented to workers, the union will resort to legal proceedings under Clause 9 of the Collective Agreement between HSBC Bank Malta plc and the GWU for 2024-2026.
Section Secretary Riccarda Darmanin expressed mounting frustration over the ongoing delay, stating: “The draft we requested during our meeting with the Director General of DIER has not yet arrived. This continued delay is unacceptable and is hindering our ability to prepare our position adequately.”
The ultimatum comes as HSBC Malta faces mounting industrial pressure following HSBC Holdings’ announcement in August 2025 that it would sell its majority stake to CrediaBank S.A., with the transaction expected to close in 2026. The sale forms part of HSBC Group’s strategic withdrawal from smaller European markets to refocus on its core Asian operations.
The corporate transition has triggered provisions in collective agreements obligating the bank to provide financial recognition for employees’ past service as they transfer to the new owner. However, the bank’s failure to deliver the promised draft document has sparked separate disputes with both the GWU and the Malta Union of Bank Employees.
MUBE, which represents the majority of HSBC Malta staff, has been embroiled in a deadlocked dispute since the sale announcement, with repeated strikes over compensation amounts and whether payouts should be tax-free as is typical with redundancy packages. The union argues the takeover activates a clause entitling workers to substantial terminal benefits for their years of service.
The GWU declared its own industrial dispute in October 2025, claiming members were being excluded from negotiations and experiencing “excessive delays” in receiving compensation details. The union has accused HSBC of breaching good faith obligations and hindering its ability to represent members effectively.
“The GWU urges the Bank to engage in timely, transparent, and meaningful dialogue to resolve this matter in a way that serves the best interests of all parties involved,” Darmanin said.
