The amendments to the Maltese Trusts legislation opened up new opportunities, simplifying the process of setting up a Trust and in the meanwhile assuring consumer protection.

This development meant that the Bank could offer its customers a new range of services, one of which is the Trust Bank Account.

It is an interesting financial product which offers customers the familiar features of a traditional bank account with the unique benefits inherent in a Trust arrangement.

The HSBC Trust Bank Account incorporates into a typical bank deposit new features such as Estate Planning, Asset Protection, high level of confidentiality, and the ability to establish one’s own terms in respect of various matters.

In simple terms, a Trust is a legal agreement entered into between a Settlor and a Trustee for the benefit of third parties known as Beneficiaries. By virtue of the Trust Agreement, the Settlor (the individual corporate owning the assets) transfers ownership of the asset to the Trustee (the Bank). The law imposes an obligation on the Trustee to administer these assets in the best interest of the Beneficiaries; the Beneficiaries may also include the Settlor.

In such manner wealth can be places into a Trust for named beneficiaries and / or for Estate Planning purposes.

This is a further reason why the product has generated a great deal of interest since its launch earlier this month. Meeting our customers’ expectations remains our greatest achievement. We, at HSBC, are sure that this product will help us make yet another step in the right direction.

Jan Sammut is a trust practitioner and Deputy Head of HSBC Bank Malta p.l.c.’s Trust Services Department. For further information about HSBC’s Trust Account as well as other trust products and solutions, one may contact our dedicated Trust Helpline on 2380 8888.