PN slams HSBC over worker compensation after CrediaBank deal
Bank employees went back on strike on Tuesday
HSBC’s reluctance to compensate its employees over the bank’s impending takeover by CrediaBank is “unacceptable,” PN said in a statement on Tuesday.
The statement, signed by MPs Adrian Delia, Jerome Caruana Cilia and Ivan Castillo, comes as bank employees resumed their strike on Tuesday morning.
PN said it was “concerned” about developments, noting that despite initial assurances that the takeover was not a threat to their jobs, employees “are now being told that their position is only guaranteed for the next two years”.
Shortly before the takeover was formally announced, Times of Malta had revealed that the terms of the deal guaranteed no job losses for the next two years.
PN said HSBC “now appears unwilling to honour” contractual promises for compensation which, PN said, should kick in “if HSBC were ever to leave Malta”.
This matter lies at the heart of the industrial action, with bank employees’ union MUBE believed to be seeking to secure up to €60 million in terminal benefits for the 900-plus HSBC Malta employees, citing a clause in their collective agreement.
HSBC lawyers, on the other hand, argue that this claim has no legal standing, given that the bank is simply changing hands, not terminating its service or laying off workers.
Sources previously told Times of Malta that while HSBC was open to offering compensation, there was some distance between the two parties.
PN said, having been “so generous” in its sale to CrediaBank, HSBC “is now being heavy-handed in fulfilling its obligations towards its workers”.
Increase offer to small shareholders, PN tells CrediaBank
The party also said that it is “regrettable” that the bank’s private shareholders “are being made an offer that is far from fair” for their shares.
Market rules say that aside from buying out HSBC’s 70% stake in the bank, CrediaBank must also offer to buy the remaining 30% from individual shareholders.
CrediaBank has said it would be offering a price of €1.44 per share, below the €1.71 net asset value per share listed on HSBC’s audited accounts, PN said. HSBC Malta’s shares are currently trading for €1.41 on the stock exchange.
PN called on CrediaBank “to reconsider and to improve its offer to minority shareholders so that it at least matches the minimum of €1.71”.