The National Union of Bank Employees (Nube) today declared victory in its dispute with the Hongkong and Shanghai Bank.

Nube secretary-general G. Gopala Krishnan told Malaysiakini today that while the union did not get everything it wanted, it was satisfied with the agreement it stitched with the bank management yesterday, which was brokered by Minister of Human Resources Dr. Fong Chan Onn.

"It was a victory in a sense because the management was very adamant in wanting the dispute to be referred to the Industrial Court," he said.

The three-month-long dispute was sparked by the dismissal of 15 HSBC customer service representatives on Oct 7 for their refusal to deliver platinum credit cards to customers' offices and residences. The union had insisted that such duties were not part of the staff job functions.

About 1,600 members of the union in 26 HSBC branches nationwide had earlier threatened to go on strike on Jan 3 when the bank refused to reinstate the 15 dismissed employees. However, Fong's intervention, and perhaps because of dwindling support in the long stand-off, the union had agreed to postpone the strike until after Hari Raya while the Minister made a last ditch attempt to resolve the dispute.

The bank had initially refused to revoke the deferment of increments as well as warnings and show-cause letters it had issued to more than 600 employees who had protested on behalf of their sacked colleagues.

"It is a victory for us now that the bank has agreed to all these conditions as part of the terms of settlement," Gopala said.

Among the terms that were outlined in the settlement at the Human Resources Ministry yesterday was that the bank would pay cash compensation to the 14 dismissed employees ranging from RM30,000 to RM128,000.

The bank and union have also agreed to meet within the next seven days to resolve the recruitment of temporary and contract employees. With the settlement yesterday, the union had, with immediate effect, ceased all protests, pickets, and called off the strike action it had vowed to take.

Gopala added that although the employees were not offered reinstatement (as was their initial demand), they were happy with the cash compensation the bank had paid. One sacked employee, however, had decided to challenge the dismissal.

"It is a matter of principle for her as she does not want to take the cash," Gopala said, adding that the employee wanted the case referred to the Industrial Court.

"The Minister will refer this case to the court and we would definitely support her throughout the proceedings," he said.

The case, if referred to the Industrial Court, would take about two years before it is heard. And if the bank decided to fight the case, it could be years before the court would deliver a judgement.

Attempts to contact HSBC management by malaysiakini had been unsuccessful.