HSBC has stepped up security measures around its banking operations following the hold-up of its Balzan branch last Friday, the bank announced yesterday.

Armed robbers made off with almost €1.1 million and close to Lm70,000 in cash.

One of the robbers herded the customers together and kept them at gunpoint while others pointed a gun at the manager and took him to open the safe in the strong room.

HSBC said yesterday that in addition to an armed guard inside each branch, the bank has installed a delayed time lock on each vault.

Since opening of the vault will be delayed, any quick entry, whether for normal banking use or out of criminal intent, has now become impossible, according to the bank. The system cannot be bypassed or altered as neither the branch management nor the staff members have access to it. Notices explaining these measures have been installed in all branches.

HSBC has also introduced other confidential security measures that, in the interest of its staff and customers, cannot be divulged. These measures consist of various courses of action that are communicated on a need-to-know basis at various levels of authority.

"These measures are aimed at increasing security, making the banks less vulnerable, deterring criminals and so improving the safety of our staff and customers as well as protecting our money.

"We are also in discussion with the authorities to increase general security around all banks," said HSBC chief executive officer Shaun Wallis.