Moody’s Investors Service (Cyprus) have agreed to withdraw the unsolicited ratings of HSBC Bank Malta plc. HSBC Bank Malta made the request on the basis that the bank’s funding strategies and capital programmes have now been integrated with those of its parent company, HSBC Bank plc, which is based in London’s Canary Wharf.

“Moody’s office in Cyprus has been providing an unsolicited rating for the bank since September 1997 when it was Mid-Med Bank which was subsequently acquired by the HSBC Group. Given the financial strengths of the HSBC Group both globally and in Malta we have had no occasion to use this rating and consequently have asked Moody’s to cease the rating exercise,” said HSBC Bank Malta CEO, Shaun Wallis.