Owing to surge in demand, HSBC considering another tranche of fund –

A €50 million fund launched by HSBC Bank Malta in December 2013 to spur business growth in Malta has been fully utilised, less than a year after funding became available.

HSBC unveiled its ‘Malta Trade for Growth’ (MTFG) initiative to help investors, traders and businesses in Malta to flourish by increasing international trade particularly with growing and emerging markets and also by encouraging international investment in Malta.

HSBC Malta Head of Commercial Banking Michel Cordina said: “HSBC’s Malta Trade for Growth’s €50 million fund helped stimulate the private sector and promoted economic growth in Malta. The fact that the fund has already been fully utilised demonstrates the increasing priority of Maltese businesses to expand beyond their shores.”

In a sign of clear commitment to businesses in Malta, HSBC Malta is now considering another tranche of funding to respond to the business needs of the enterprises in the country.

“Business and trade are the engines of modern-day economies and trade finance is the vehicle to improved investment in businesses. We hope that the Malta Trade for Growth initiative continues to provide the necessary jumpstart to qualified businesses in achieving their aspirations in becoming a part of the global economic flow,” added Mr Cordina.

Through ‘Malta Trade for Growth’, HSBC is offering a number of incentives such as the waiving of the fee related to the first documentary letter of credit for those customers that are new to HSBC Malta’s Trade Finance. In addition, a 20% discount will be provided on the opening and advising fees on documentary letters of credit to or from emerging markets. Other incentives relate to the waiving of the administration fee for finance against trade export or import facilities for trade with emerging markets, as well as discounts on Receivables Finance and preferential rates on Foreign Exchange, including currencies such as the Chinese Renminbi.

Customers in Malta benefit from relationship managers with a deep understanding of international business. ‘Malta Trade for Growth’ also allows customers’ access to HSBC’s unrivalled global reach and expertise in international trade. With trade teams on the ground in 60 countries and 7,000 commercial banking relationship managers, HSBC is well positioned to connect customers to international opportunities.

More information about HSBC Malta’s trade initiatives and trade fund is available on HSBC Malta’s website at www.hsbc.com.mt/50million