HSBC is jeopardising Maltese businesses, using the Money Laundering Directive for commercial purposes and getting away with it, former Labour MEP Marlene Mizzi wrote on Facebook.

Uploading The Malta Independent story in which the bank CEO explains the plan to close eight branches in a bid to modernise its network, Mizzi said “HSBC is so strong that they are resorting to blackmailing people” to obtain sensitive information from its clients.

Describing the bank as “jackals” and “bullies”, Mizzi goes on to say that the authorities are doing nothing to protect honest, law-abiding citizens.

“Where is the MFSA? GRTU? Chamber of Commerce? Ministry of Finance?” the former MEP charged.

In a reply underneath the post, Abigail Mamo, CEO of the GRTU, said the chamber “ is following this matter closely, not just this case but the general worrying trends that are developing in the Maltese banking sector. Banks are very important players in our economy and things are becoming very complicated and our members are unfortunately on the receiving end. New players are slowly entering our market and providing a breather in the current situation. This is one of the biggest business concerns today on a national level, it will be the main theme of our annual conference taking place later this month.”