NEWS | Wednesday, 17 December 2008

PRINT THIS ARTICLE

HSBC Malta launches €100 million fund for local businesses

HSBC Malta has created a €100 million fund to support Maltese businesses as part of HSBC Group’s new USD5 billion global working capital fund. The bank said the fund was aimed to ensure that business customers continue to have access to appropriate credit through the current financial and economic crisis.
In a statement, the bank said the fund represents new money, over and above what HSBC would normally expect to lend in the current business environment, and will be funded from HSBC’s own resources.
Alan Richards, HSBC Malta’s CEO Malta, said: “This is a difficult time for business in many economies including Malta. Businesses are the lifeblood of the Maltese economy and it is their continued success that will provide a stimulus to create economic growth. Customers are rightly looking to see how banks can help. I am pleased that HSBC is using its financial strength to help our business customers by delivering this €100 million fund.”
The fund will supply working capital to help businesses with their cash flow needs, particularly utilising Invoice Finance for domestic needs and Trade Finance products to support businesses that trade or aspire to trade internationally. The bank said the fund will help customers with fundamentally sound businesses to weather short-term shocks caused by the downturn. Finance will be allocated on a case-by-case basis using the bank’s normal lending criteria.
“In these challenging times, we intend to stand by our customers, understand their unique needs and provide sound financial advice. The extra €100 million reflects our willingness to continue lending responsibly to viable businesses needing working capital,” said Richard Cottell, HSBC Malta’s Head of Commercial Banking.
The bank said its commitment demonstrated that HSBC Malta remains fully committed and supportive of Malta’s business opportunities.

PRINT THIS ARTICLE

Any comments?
If you wish your comments to be published in our Letters pages please click button below.
Please write a contact number and a postal address where you may be contacted.