HSBC is experiencing continuous expansion in trusts relationships and assets under management, which have now reached an average annual percentage growth of over 170 per cent, said the bank’s Trust Services Department.

Trusts relationships have been established for both residents and non-residents, particularly in estate planning and asset protection.

The Trust Services Department within HSBC Bank Malta was set up in February 2005. HSBC was the first financial institutions in Malta to receive approval from the Malta Financial Services Authority to carry out trusts services operations under the new amended law, the Trust and Trustees Act of 2004.

The department has seen significant growth since its inception and currently employs nine full time dedicated employees. HSBC places great importance on the quality and professionalism of its trust personnel with no less than six members of the staff having successfully completed the foundation course on trusts administration organised by the Institute of Financial Services Practitioners.

Head of HSBC Trusts Emanuel Magri and deputy head Jan Sammut are also in the final stages of completing the STEP International Diploma in Trust Administration (Society of Trusts and Estate Practitioners) – the highest qualification in this field. Messrs Magri and Sammut have also recently acquired the diploma in taxation organised by the Malta Institute of Taxation and are accredited local tax advisers. This underscores the importance and commitment HSBC gives to the department to ensure the provision of the highest standard of service to its valuable clients.

For more detailed information on trusts and the benefits these offer, visit the website www.hsbc.com.mt or call on 2380 2263 or 2380 2918.