HSBC publishes Malta business profile

HSBC yesterday launched its business profile of the island which will be distributed worldwide to all HSBC offices in an attempt to attract foreign investment to Malta.

During the launch, held at the Social Policy Ministry, HSBC chief executive officer Tom Robson said the business profile would also be forwarded to various trade and diplomatic organisations.

The profile provides all the latest economic data as well as information about the government, investment and trade regulations.

"HSBC wants to provide the most up-to-date information to its customers, wherever they may be, in order to help them make the right business and investment decisions," Mr Robson said.

Malta had many advantages to offer the international business community and, through the publication of the profile, more HSBC customers would become aware of the country's advantages, Mr Robson said.

He said now was the right time to launch the business profile because HSBC felt "firmly embedded" in Maltese culture.

"We don't see ourselves just as a provider of banking services, so we see what role we can play to help the economy.

"We have a duty and the responsibility to help the environment in which we operate because if the country grows, so will the bank."

Mr Robson was asked about a claim made by British MPs yesterday that tougher rules were needed to make the large banks, including HSBC, more competitive.

The British cross-party Treasury Committee also criticised the complexity of interest rate charges and the fact they are often buried in small print.

Mr Robson said HSBC never introduced charges without customers being aware.

Banks, he said, were required to publish terms and conditions and any details regarding tariff changes were relayed to the customers either via a newspaper advert or through information in the branches.

Social Policy Minister Lawrence Gonzi said the bank's initiative would continue to raise Malta's profile among investors and business worldwide.

Through its association with HSBC, Malta would strengthen its relative competitiveness as a Mediterranean hub region for trade and commerce, Dr Gonzi said.

The island would also gain more reputation as a safe and secure location for investment opportunities, he added.

The minister also praised on HSBC for playing a major social role in Malta since taking over from Mid-Med Bank in 1999.