HSBC Malta Employees Initiate Sit-In Strike Over Compensation Dispute Amid CrediaBank Acquisition

Industrial Action Commences at HSBC Malta

Employees of HSBC Malta initiated a sit-in strike on Monday, September 22, 2025, following a directive from the Malta Union of Bank Employees (MUBE). The industrial action, which began at 12:30 PM, instructed staff to log off all communication channels and banking systems 'until further notice'. This marks the first such strike in years for the bank and is a direct result of an ongoing compensation dispute linked to the bank's impending sale.

Core of the Compensation Dispute

The central issue of the dispute revolves around MUBE's demand for significant terminal benefits for HSBC Malta's more than 900 employees. The union is reportedly seeking between €50 million and €60 million in compensation, citing a clause in the collective agreement that it argues entitles employees to a payout when their employer changes. MUBE has accused HSBC Malta of failing to engage in 'meaningful discussions' or to present any proposals to resolve the matter.

Conversely, CrediaBank, the Greek lender set to acquire HSBC Malta, has publicly stated that there will be no job losses among the bank's staff. This assurance from the prospective buyer has created a standoff, as it raises questions about the applicability of the collective agreement clause under these circumstances. CrediaBank has committed to retaining HSBC Malta's entire management team and maintaining all employees 'on materially the same terms for at least 2 years' post-acquisition.

The Acquisition by CrediaBank

The sit-in strike unfolds against the backdrop of HSBC Malta's confirmed sale to CrediaBank. On Tuesday, September 16, 2025, HSBC Bank Malta p.l.c. announced its agreement to sell its 70.03% majority stake to CrediaBank S.A. for €200 million. This transaction is part of HSBC Holdings' broader strategic review, which involves a pivot towards Asian markets. CrediaBank, formerly known as Attica Bank, has prior experience integrating HSBC operations, having acquired HSBC's Greek business in 2023.

Impact on Services

As a direct consequence of the industrial action, HSBC Malta has issued warnings to its customers regarding potential service disruptions. The bank stated that 'a number of services will not be available or will take longer to be attended to,' with contact centers being particularly affected. However, the Emergency Lost and Stolen cards hotline remains operational. The bank has pledged to provide updates as the situation evolves, while apologizing for any inconvenience caused to its clientele.