Last week's announcement of the yearly results by HSBC Bank Malta gave rise to a number of comments in the public arena, mainly negative especially by those who still complain about the closing of so many popular branches.

One would like to begin by considering the bank's position inside the wide HSBC galaxy of which the Malta branch is but a small part.

As was also announced last week in the simultaneous announcement of the HSBC global results, the European branches have been delivering less profits than the ones in Asia. Hence the cull of thousands of jobs from HSBC Europe.

The bank in Malta, one must realise, is facing just this kind of pressure. One might even add it is facing more pressure than bank branches in bigger countries for, just as happens in nearly everything in Malta, it must continually justify its existence. In the wide HSBC Europe galaxy, it is a small, easily detachable, part.

It is just as easy to close it down and relocate elsewhere as has been done in other bigger jurisdictions.

But the bank has taken a completely different route: it is true it cut down on a number of important branches, but this is an integral part of the bank's strategy to stay alive, rather than preparation to relocate and exit from Malta.

The bank argues that the number and percentage of customers who have switched to online banking is on the rise and that the younger generation is in the forefront of this move. The number of new companies which are being set up on the digital platform is also on the rise.

That may be so but still there are still many pensioners who just refuse to adapt to the use of ATM and smartphone banking and who feel they have been let down by their bank. The bank should have soft-pedalled instead of being so draconian.

As a result of some hard decisions taken in past years, the bank has cut off so many unproductive or even loss-making clients. This cut down on the Non-Performing Loans but it also cut down on the bank's total assets. Now, some years after this drastic decision, the bank is saner and more solid.

This no-nonsense approach did not earn it plaudits especially by those who found easy welcome in some other financial institution, but this is the right approach if the bank wants to remain healthy. It should be imitated by others.

What on the contrary has attracted little or no comment was the insistence, repeated over and over again, by CEO Andrew Beane, that the country must address the issues facing the country's financial sector and governance. This is the head of one of the two big and strategic banks warning: Malta has suffered a huge hit to its international reputation and it must take drastic and long-term action to redress the situation.

Again, HSBC's international stature and the solidity and robustness of itself as a bank give it the right to speak up. Others may perhaps hold back, either because of their smallness or because they are weak. Thank heaven someone at least has spoken up.