HSBC branches opened two hours late yesterday morning following industrial action ordered by the Malta Union of Bank Employees.

The union had told staff not to serve customers before 10.30am, as it presses the bank in talks on a new collective agreement.

MUBE president William Portelli expressed satisfaction at the response, noting that all bank branches appeared to be closed yesterday morning.

He said one of the talks’ main stumbling blocks was HSBC’s decision to limit the growth of its salaries fund to 2.5 per cent, which would mean workers would get an average increase of between 1.5 and 1.7 per cent.

The union also wants more favourable home loan rates for the bank’s employees as the 1.75 per cent offered was the highest in the sector.

HSBC Bank Malta said it was disappointed with the union’s directive, as the strike impacted customers, staff and the community. After some four months of negotiations, the bank remained committed to discussions with the MUBE and it was seeking to work with the Director of Industrial and Employment Relations and the Malta Employers Association, a spokesman said.

“The bank has put forward a pay and benefits package that is significantly above inflation and very competitive in the current market and economic environment,” he said.  

“As evidenced by our ongoing investment programme, HSBC is focused on building a strong and sustainable business in Malta.

“To do so, however, there needs to be a balance between the interest of all our key stakeholders – our staff, our customers, our shareholders and our community,” he added, apologising for yesterday’s inconvenience.