A busy HSBC Bank Malta plc annual general meeting saw some 500 local shareholders approve all five resolutions presented, including a three-for-one bonus share issue. In addition, the meeting also provided shareholders with an opportunity to meet the new chief operating officer, Sally Robson.

The meeting began with a spectacular audio-visual

presentation on the bank’s “winning team” philosophy and was followed by a corporate video highlighting its business developments and

corporate responsibility activities over the past year. The chief financial officer gave a presentation on the financial performance of HSBC in 2005.

The shareholders attending the meeting were also given the news that, during April, they will all be benefiting from various discounts and the waiver of fees on new credit cards, various lending facilities, investment products and life assurance products.

In addition to approving the three-for-one bonus share issue, the AGM itself also re-elected Louis A. Farrugia, Victor Scicluna and Peter Paul Testaferrata Moroni Viani to the board of directors.

Other directors appointed by the major shareholder, HSBC Bank, were Albert Mizzi as chairman, Shaun Wallis as chief executive officer, Sally Robson as chief operating officer, Philip Farrugia Randon, Charles J Farrugia and David Budd.

The shareholders also approved resolutions dealing with, among other things, the audited accounts for the year ended 31 December 2005. These results showed that the bank made a record profit before tax of Lm36.7 million, an increase of 11.7 per cent on 2004. A final gross dividend of 40.2 cents per share was also approved, representing a 75 per cent payout of 2005 profits and a special dividend of surplus capital. KPMG were also re-appointed as auditors.

The meeting was conducted in Maltese and simultaneous language translation facilities were made available to shareholders who wished to avail themselves of them.

After the AGM, shareholders enjoyed an up-beat reception and had the opportunity to meet the directors and staff and discuss HSBC’s contribution to Malta.