First HSBC forum for Gozitan business

HSBC Bank recently held its first forum for the Gozitan business community. The aim was to discuss the ways in which the bank could improve its assistance to small businesses in Gozo.

"Judging by the attendance and by the discussion generated, it seems clear that the Gozitan business community is keen to make the most of HSBC's international experience. HSBC will continue its discussion with the Gozitan business community, in order to continue supporting the Gozitan economy to develop further", said HSBC trade services manager Richard Mercieca.

The forum was held after recent discussions between the Gozitan business community and HSBC Chief Executive Officer Chris Hothersall. "HSBC recognises that small businesses are the backbone of the Maltese economy and the bank is committed to helping to support these industries", James Bonello, HSBC head of commercial banking and executive director, said.

Other senior HSBC executives present at the forum were senior commercial banking manager Mario Vella, Gozo area manager Anthony Busuttil and KPMG director Mark Bamber.

Various presentations were given on specific areas relating to HSBC's relationships with small businesses as well as important considerations which small businesses should be aware of.

Mr Vella focused particularly on loans and the methods by which HSBC judges the viability of particular businesses. This was followed by Mr Bamber's discussion on the importance of a business plan, which enables a business to maintain control of its finances.

Mr Busuttil discussed the range of services offered by the bank to importers and exporters as well as the arising advantages from its international presence. Practical examples on how HSBC has aided Maltese business, were also given.

Mr Bonello concluded by stating that the forum with the Gozitan business community proved extremely valuable as it provided an opportunity to explain that the most important criterion for HSBC is a good business plan. Businesses do not necessarily have to possess property as security. HSBC, in fact, understands that buying property can negatively affect business as this reduces cash flow, he said.