HSBC Malta has created a e100 million fund to support Maltese businesses. This forms part of HSBC Group’s new $5 billion global working capital fund aimed at ensuring that business customers continue to have access to appropriate credit through the current financial and economic crisis.

The fund represents new money, over and above what HSBC would normally expect to lend in the current business environment, and will be funded from HSBC’s own resources.

HSBC Malta CEO Alan Richards said: “This is a difficult time for business in many economies, including Malta. Businesses are the lifeblood of the Maltese economy and it is their continued success that will provide a stimulus to create economic growth. Customers are rightly looking to see how banks can help and I am pleased that HSBC is using its financial strength to help our business customers by delivering this $130 million fund.”

The fund will supply working capital to help businesses with their cash flow needs, particularly utilising Invoice Finance for domestic needs and Trade Finance products to support businesses that trade or aspire to trade internationally.

This fund will help customers with fundamentally sound businesses to weather short-term shocks caused by the downturn. Finance will be allocated on a case-by-case basis using the bank’s normal lending criteria.

“In these challenging times, we intend to stand by our customers, understand their unique needs and provide sound financial advice. The extra $130 million (e100 million) reflects our willingness to continue lending responsibly to viable businesses needing working capital,” said HSBC Malta head of Commercial Banking Richard Cottell.

This commitment demonstrates that HSBC Malta remains fully supportive of Malta’s business opportunities and will continue making HSBC the Best Bank for Business Banking in Malta.