HSBC Malta has announced it will be launching two voluntary redundancy schemes as part of efforts to "create a leaner working model" that will impact "limited" areas in the bank. 

In a statement the bank said it was embarking on the strategic initiative to "further improve its operational structure" to drive "efficiencies and enhance customer experience". 

It did not say which areas would be impacted. 

"The bank aims to create a leaner working model that is externally-focused and performance-led, building and investing in a bank that is fit for the future and which is centred around customers.

"This strategic initiative relates primarily to the transformation and automation of certain areas within the bank, and also to a planned transfer of a number of employees and activities to a local service provider," a bank spokesperson said. 

The bank is proposing the launch of two voluntary redundancy schemes that will impact "a limited number of areas in the bank", subject to agreement with the Malta Union of Bank Employees. 

It said the restructuring costs to deliver the changes will be booked in the 2021 financial results, but as the schemes are voluntary, "the amount will depend on the number of applications". 

Simon Vaughan Johnson, HSBC Malta CEO, said: “Today’s announcement aligns with our Safe Growth strategy. One of the key principles of our strategy is to make it simpler for our customers to do business with HSBC Malta and easier for our colleagues to serve our customers. By streamlining our working model, we will create capacity for future growth and investment.”

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