HSBC voluntary retirement scheme closed; 180 jobs to be axed

The exercise is expected to cost around €16 million

Tista' taqra bil- Malti.

HSBC Bank Malta will axe 180 employees as it is closing down its voluntary retirement scheme. This forms part of its strategic plan to focus on digital banking.

The exercise is expected to cost around €16 million.

In a statement, the bank declared that the application period for the associated voluntary schemes has closed; and that communication with employees will start shortly. 

The entire statement can be accessed here.

9 branches to close down

HSBC Malta is set to close branches in 8 localities in an effort to modernise its network and focus on digital banking services.

Read: HSBC Malta closing branches in 8 localities

The banking group says that according to its data on customer banking behaviour, they will be shutting down its branches at Birżebbuġa, Cospicua, Fgura, Ħamrun, Marsascala, St Julian’s and St Paul’s Bay, Balzan and Qormi by the end of the year.

Read: Elderly HSBC Ħamrun customers react to branch closure