HSBC Malta to process HSBC Ireland business

HSBC Group has established a new insurance company in Malta called HSBC Insurance Management (Malta) Ltd (HIMM).

HIMM started operations last Tuesday with initially five dedicated staff, processing business on behalf of HSBC's Life Insurance Company based in Dublin.

On May 29, HIMM will also start servicing all of the Dublin company's existing customers who consist primarily of UK non-resident personal and corporate customers with total investments of circa £400 million funds under management.

HIMM has also been positioned within the HSBC Group for their clients who wish to set up an EU-based captive insurance company and to base their captive in Malta.

HSBC's CEO Shaun Wallis said: "These are more exciting developments for HSBC in Malta and, following on from last week's call centre announcement, continues to demonstrate HSBC's long term-commitment to Malta and the attraction Malta has as a financial services centre, both for HSBC Group and its clients.

"Insurance management is an area of potential growth in Malta and I am delighted to see our insurance operations playing a further role in the development of the financial services sector."