HSBC has launched a Euro Converter account. This product is part of the bank’s strategic preparation for the euro changeover process.

The Euro Converter account is a one-year fixed deposit in Maltese Lira (Lm) with a difference. The interest of four per cent per annum, less 15 per cent withholding tax, will be paid up-front to customers upon account opening and credited to a savings or current account of customer’s choice. The account balance will automatically be converted to euro* on 1 January 2008 and on maturity transferred to a designated savings or current account held in customer’s name with the bank. The minimum balance required to open a Euro Converter account is Lm2,000.

“HSBC’s Euro Converter account is an incentive-based account that should attract those customers who would like to reap the interest benefits of their deposit without having to wait for a year. The bank is committed to being ‘’the euro bank’’ and, in this regard, already has several euro denominated products available and will issue new euro products on the market in the near future,” said HSBC Bank Malta plc’s Head of Personal Financial Services, Godfrey Swain.

More information about HSBC’s Euro Converter account can be obtained by calling Customer Service on 2380-2380, by logging onto the Bank’s website www.hsbc.com.mt or from any HSBC Bank Malta branch.

*In the unlikely event of Malta not adopting the euro as its national currency, the account balance will remain in Maltese Lira (Lm).