HSBC Malta said this morning it has approved a plan for an early retirement scheme for employees.

In a notice on the Malta Stock Exchange, the bank said this was part of its focus to improve productivity and cost effectiveness by continuing to streamline its operations while investing in areas of growth and compliance.

The bank said that the estimated cost of this one-off expenditure would depend on the number of applications received as the programme was voluntary.

HSBC said the programme would reduce profitability in the current financial year but would support an increased level of profitability and efficiency in future years.

It said it was committed to maintain dialogue on this initiative with all stakeholders, including unions, in the interest of its shareholders, customers, employees and the community.

The bank said it was confident in its ability to grow its business in Malta and supported the local economy while creating value for its shareholders.

Its priorities remained those of improving its service, managing costs, and operating to the highest global standards of compliance.