HSBC Malta employees will receive a combined €30 million in compensation ahead of the bank’s takeover by CrediaBank.
It was also revealed that CrediaBank has signed a “definitive” agreement to acquire HSBC Malta from its parent company, HSBC Continental Europe.
Under the deal, HSBC Malta will contribute €10 million toward employee compensation, while the remaining €20 million will be funded by its parent company. HSBC and CrediaBank have also entered into a cooperation agreement for the €200 million acquisition, which is still subject to regulatory and corporate approvals. Once finalised, the Greek bank will hold a 70% stake in HSBC Malta.
The €30 million settlement, agreed with the Malta Union of Bank Employees (MUBE), will provide qualifying staff with ex gratia payments linked to the change in ownership, though specific payment details have not yet been announced.
MUBE had earlier staged a sit-in strike, arguing that a clause in the collective agreement entitled workers to terminal benefits following a change in ownership. At the time, the union was reportedly seeking close to €60 million in compensation.
HSBC maintained that the claim lacked legal grounding, noting that the bank was being sold rather than shut down and that CrediaBank had committed to retaining staff for at least two years.
Separately, CrediaBank announced it is in discussions to acquire a majority stake in Greek brokerage Pantelakis Securities, a firm that was previously part of the HSBC group until 2012.