HSBC Malta weathers international turmoil

HSBC Bank Malta remains strong and in a healthy position despite the international turmoil, bank CEO Alan Richards has told shareholders at their annual general meeting.

“While we remain in unchartered waters and the outcome of the current crisis remains unclear, there is strong consensus that the crisis has some way to run and the consequences to the global economy will be profound and long term. This will leave its mark on Malta,” Mr Richards was quoted as saying in a bank statement.

He said that Malta was relatively well placed given the current turmoil and that banks in Malta were generally well capitalised. They were not highly geared and had limited offshore exposures. Accession to the European Union and adoption of the euro had significantly further reduced the risks of any seismic shocks to the Maltese economy.

HSBC has over 10,000 shareholders in Malta. Those who attended the meeting were welcomed by HSBC Malta Chairman Albert Mizzi and addressed by Mr Richards and Mrs Sally Robson, Chief Operating Officer of the bank.

Mr Richards said he expected the Maltese economy to slow, given the likely world recession.

Mrs Robson focused her presentation on the operational aspects of the Bank and how it is upgrading its technology and processes and using Group systems to make the bank more efficient.