Bank of Valletta announced today the signing of a new collective agreement with the General Workers Union.  The agreement, the first of its kind since the GWU won recognition at the Bank earlier this year, was signed by Mario Mallia, Chief Operations Officer at the Bank, and by Charles Galea, Secretary of the Professionals, Finance and Services section of the Union.  It covers the Bank's clerical and managerial staff, and runs for five years.

Mr Mallia said that negotiations leading up to the signing were tough, but were carried out in an atmosphere of mutual respect and a desire to continue improving the working conditions of BOV employees.  He stated that the Agreement broke new ground in a number of areas, not least by doing away with grades, which he described as anachronistic for a financial services provider of today.  Other innovations include a number of family-friendly measures.

The new agreement, concluded Mr Mallia, is an auspicious start to a future of cooperation between BOV and the GWU.