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Rewarding loyalty of longstanding employees of HSBC in Pakistan is the best way to compensate staff at the time of exit; said Jayasri Priyalal Director UNI Apro Finance Sector at discussion with Mr Lloyd C Maddock CEO of HSBC Bank Middle East Ltd Pakistan branch.

Mr Maddock said that as a part of the banks global business strategy bank is negotiating with prospective buyers to sell its operation in Pakistan. He said the bank transferring the business to the buyer on condition that all employees should be absorbed by the acquiring bank upon the approval of the regulators. However that bank has offered a compensation package for those employees opting to leave without joining the new entity.

HSBC Pakistan union President Waris Jamil informed that the package offered by the bank is disadvantageous to those senior staff, as their seniority and loyal service to the bank has not been considered favourably at the discussion. UNI Apro Director Jayasri Priyalal appreciated the efforts taken by the bank and the union to reach a negotiated settlement recognizing the long standing relationship and requested the bank to consider rewarding the loyalty of the senior staff appropriately leaving behind an unmatched legacy of HSBC in Pakistan.

Mr Khalid Zaman Khan Head of Human Resources HSBC Pakistan, Tanveer Ahmed, General Secretary Pakistan Bank Insurance Finance Commerce Employees Federation [PBIFCEF] joined the discussion with Mr Maddock on 5^th September 2012, HSBC Head Office in Bahria Complex Karachi, Pakistan