HSBC Bank Malta on Tuesday introduced a collection of incentives to support local firms as they do business internationally, particularly with emerging markets.
Collectively launched as Malta Trade for Growth, the incentives relate to facilitating international trade connectivity and are aimed at local and international customers. HSBC said it was the first bank to “launch a strategic initiative specifically designed to help local companies bolster their international trade”.
“The pace of economic expansion in regions like Asia and Latin America is changing the world and Maltese businesses need to be part of this new economic landscape,” chief executive Mark Watkinson said at the proposition’s introduction at the Malta Maritime Museum. “This initiative is designed to drive international trade, which will be vital to Malta’s future economic growth.”
The offering encompasses discounts and resources which make international trade easier and more cost-effective. They include the waiving of the fee related to the first documentary letter of credit for customers new to HSBC Malta’s trade finance portfolio. There is a 20 per cent discount on the opening and advising fees on documentary letters of credit to or from emerging markets.
The administration fee for finance against trade export or import facilities for trade with emerging markets will be waived and discounts apply on receivables finance. Preferential rates apply on foreign exchange, including currencies such as the Chinese renminbi.
Malta Trade for Growth will give customers access to the bank’s global reach and expertise in international trade through its staff in 60 countries and 7,000 commercial banking relationship managers. Malta Trade for Growth will be supported by an extensive campaign featuring success stories of Maltese firms which have ventured overseas.
Investment and Small Business Minister Chris Cardona acknowledged the bank’s initiative to support Maltese internationalisation and economic growth.
“The basis for this growth in the coming years will be that of improving the competitiveness of the Maltese economy by encouraging local businesses to think global and to internationalise their business through the development of joint ventures and strategic alliances with international partners,” Dr Cardona said.