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Bank of Valletta denies plans to axe 300 jobs

Workers at Malta’s oldest bank have spoken of their ‘huge relief’ after bosses confirmed there are no plans to axe 300 jobs.

Bank Of Valletta strongly denied press reports that it intends to slash its workforce before Christmas.

The bank said it had ‘no intention of shedding staff’ but hoped to ‘continue to recruit more’.

The bank, based in Sta Venera, issued a statement after The Sunday Times of Malta reported that BOV ‘wanted to downsize operations’ and planned to ‘reduce the workforce by between 200 and 300 employees’.

BOV said it has always had voluntary early retirement schemes in place.

The bank said: ‘Our aim is simply to continue offering such schemes in order to ensure that the bank is resourced with the skills it requires in the current situation.

‘We will not be declaring any redundancies.

‘Indeed, we are recruiting staff as we speak, and will continue to recruit more.’

Bank employees welcomed the news from BOV head office as a ‘huge relief’.