HSBC Bank Strike Update

Just a quickie for those who, like myself, bank with 'El banco del mundo'.
I spoke to a member of staff outside my local HSBC Bank in Cali yesterday to see if I could find anything more out about the ongoing strike.
I was told that there are still two points to be negotiated and that there was to be a meeting yesterday (18th) at 4pm. The outcome of this meeting would determine whether or not the strike was to be called off. If an agreement could be reached the member of staff envisaged a return to work either today or next Monday.
However, today the bank remains closed, so this may mean bad news.
The HSBC ATM machines, I am told, are still being filled and should be in use. My local one certainly was yesterday.
HSBC in London say they aren't even aware of the strike and can't shed any light on the subject. Nothing here in the local press either.

By britabroad on Oct 19, 2007, 07:41 in Friendly Talkzone.

cassini77 says on Oct 19, 2007, 09:58:

HSBC's Colombian Workers End Strike After Reaching Agreement

BOGOTA -(Dow Jones)- Operations at the Colombian unit of U.K.-based HSBC Holdings (HBC) will resume Monday after a 10-day strike as the bank reached an agreement with the workers late Thursday.

The bank's 750 workers in Colombia had walked out Oct. 8 to demand an 8.5% pay raise this year, while the bank only offered inflation-rate increases. After 10 days of negotiations, workers and the bank agreed on a pay raise of 7% in 2007 and inflation-rate plus one percentage point in 2008, Ramiro Arroyave, the president of the banks' workers union, told Dow Jones Newswires.

Inflation rate currently stands around 5%.

"This is not the ideal agreement, but there is satisfaction among workers, and I think, on the side of the company too," Arroyave said.

The bank also agreed to offer workers an additional mortgage loan of 18 million Colombian pesos ($9,000) at a discount rate of 4%.

"Both sides reduced their pretensions to achieve mutual benefits," HSBC said in an e-mailed statement.

On Friday, the bank will reboot its computer system, and bank branches will reopen for customers Monday. During the strike, all the bank's operations were closed and customers didn't have access to any service.

HSBC entered Colombia last year when it bought the largest Panamanian banking group Grupo Banistmo for $1.77 billion. Banistmo had operations in Panama, Colombia, Costa Rica, Nicaragua, El Salvador and Honduras.

In July, the bank rebranded the Banistmo branches in Colombia, and they are now called HSBC Colombia SA.

HSBC is Colombia's second-smallest bank in terms of assets and was the only bank to report a net loss in the first eight months of this year.

The banking union was also involved in disputes with local units of Spain's Banco Santander SA (STD), the local unit of Citigroup Inc. (C) and the Panama- owned bank GNB Sudameris, but they didn't go on strike as the banks agreed to boost salaries by 7.5%.

Bill Turley says on Oct 19, 2007, 09:59:

Thanks Brit
I appreciate the update, I am waiting to make payments on a credit card which I can't without access to the bank. Then they will probably charge a late fee for keeping their doors closed. If they do they will hear from an irate Gringo

Mr. Bill Somondoco

fecherklyn says on Oct 19, 2007, 17:55:

Cassini, you have a very efficient news source. Can you tell us what it is?

In view of your previous posts, I am also curious as to your views on the reported settlement?

cassini77 says on Oct 20, 2007, 16:38:

http://money.cnn.com/

Concerning money, I suppose the US are the best ...