Bank of Valletta and the Malta Union of Bank Employees announced today that they have concluded negotiations on the Collective Agreement for the years 2011-2013.

“This agreement bears testimony to a sense of maturity and responsibility, with both sides working towards ensuring the long term sustainable growth of Bank of Valletta in the best interest of all stakeholders,” said Tonio Depasquale, Chief Executive Officer at Bank of Valletta as he exchanged the signed Collective Agreement with William Portelli, President of the MUBE, during the formal signing ceremony held today at BOV’s Head Office.

William Portelli, President of the MUBE said that the agreement signed is an improvement on existing conditions with specific focus on performance and work-life balance evidenced by the introduction of a new performance management system and enhanced family friendly measures.

Tonio Depasquale highlighted that, apart from substantial salary increases over the three year period, this agreement introduces bonuses for employees that are linked to both the Bank’s financial results as well as the employee’s individual performance. In this manner, this Collective Agreement continues to evolve the mechanisms that promote meritocracy and that link rewards with performance.

MUBE’s President concluded by confirming the cordial and professional approach taken throughout negotiations whilst expressing his overall satisfaction to the conclusion of a well-deserved package to the employees which is no easy feat in the current economic and financial scenarios.

The CEO expressed his satisfaction at the conclusion of the negotiations and noted that this agreement continues to enhance the family friendly measures for employees at BOV, confirming the Bank’s commitment, as one of the largest employers in Malta, to be a model employer – one that seeks to ensure the long term well being of its employees.

The Collective Agreement was signed by Tonio Depasquale, CEO, Michael Galea, Chief Officer Operations and Noel Scerri, Executive Head HR on behalf of Bank of Valletta. William Portelli, President, Adrian Borg, General Secretary and Stephen Mizzi, Chariperson BOV Group Committee signed on behalf of the MUBE. It covers all employees in the clerical and managerial grades.