HSBC Malta announces investment to transform flagship corporate banking sector

As part of the bank’s new strategy approved in February, HSBC Bank Malta is investing to transform its flagship corporate banking centre in Qormi.

Corporate customers will soon experience HSBC’s latest global design standards when they visit the bank as part of this transformation which will include a new VIP lounge for its clients. Work has already commenced and the new centre will open by the middle of this year.

Michel Cordina, Head of Commercial Banking said: “We are delighted to announce this new investment to support our corporate customers. The investment we are making is consistent with the bank’s strategy to grow our business by delivering a worldclass experience to our customers.”

The bank apologises for any inconveniences caused during the ongoing work.

Earlier this month Bloomberg had reported that banking giant was mulling exiting small countries such as Malta, Bermuda and Uruguay. HSBC Bank Malta at the time said it will not comment on “rumour or speculation”.

HSBC Chief Executive Officer John Flint and Chairman Mark Tucker are considering shrinking the bank’s global imprint even further as part of a plan set to be revealed over coming months, according to people with knowledge of the discussions, the report adds.

Flint, who took over in February, is said to be reviewing as many as a quarter of the 67 countries the bank operates in, and is mulling an exit or sale from smaller consumer operations such as Bermuda, Malta and Uruguay.

The CEO is also looking at expanding the asset management unit, potentially merging it with a rival, they said. Discussions about HSBC’s strategy are at an early stage and no final decisions have been made, they said.

Nikolaos Fertakis – Chief Operating Officer HSBC Bank Malta (second from left) together with Dale Jephson, Ivan Borg and Michael J Cassar inspecting the work in progress at the new corporate banking centre in Qormi