HSBC Bank had launched a new €75 million Malta Trade for Growth (MTFG) Fund to help Maltese companies achieve international growth.
It said the new fund follows the success of the first €50m trade fund launched in December 2013. That fund was snapped up by businesses in just under a year.
During the launch of the second tranche this evening, HSBC Malta also unveiled its “Why Malta?” video on Malta in five languages: Arabic, French, German, Italian, and Mandarin – in addition to the already-available English version.
The video promotes Malta as a business destination and highlights the way HSBC can help businesses set up base in Malta as well as local businesses to thrive internationally.
The launch of the new fund and the video took place at the Saluting Battery at Upper Barrakka Gardens.
Those present included Finance Minister Edward Scicluna and HSBC Malta CEO Mark Watkinson.
HSBC Malta Head of Commercial Banking Michel Cordina said the new €75m fund will help investors, traders and businesses in Malta to flourish by connecting them to international trade opportunities, particularly within growing and emerging markets and also by encouraging international investment in Malta.
“With offices on the ground in 60 markets, and more than 7,000 relationship managers operating worldwide, HSBC is in a unique position to connect potential customers in new markets, provide local insight through people on the ground, and offer the financial support for businesses to expand globally,” Mr Cordina added.
HSBC Malta CEO Mark Watkinson spoke about Malta’s strategic location in the Mediterranean. “Malta’s location is very close to one of the world’s largest trade corridors, connecting Asia, the Middle East and Europe. HSBC has a role in supporting Malta’s growth and adding value to its economy, as well as using its global connectivity to help companies prosper at home and overseas. This fund is yet another step in the right direction to place Malta on the global trade map,” he said.
The MTFG Fund offers customers a number of incentives such as a waiver of the fee related to the first documentary letter of credit for those new to HSBC Malta’s trade finance. There is a reduction in effective interest rates of up to 50 basis points on trade and receivables finance facilities. A 20% discount is 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 (RMB).