HSBC Malta CEO Alan Richards told the HSBC Premier Breakfast that while global financial conditions are gradually stabilizing, the road to recovery remains long and winding.
The conference was one of a regular series organized by HSBC Premier for its customers in Malta.
Guest speaker Winston Zahra Jr. (Director of Island Hotels Group) discussed finance from a tourism perspective, translating it into a European context.
Zahra said that between January and April, Malta, like many other destinations around the world, experienced a decline in tourist arrivals, overnight stays and tourism spending, mainly due to economic uncertainty. He said it is difficult to predict the outlook beyond summer due to the nature of the virus and the short lead. Sensitivity to time and price.
However, we had to keep a positive attitude and keep working hard to deliver the best possible outcome for the Maltese economy.
“Airline seat capacity and marketing funding have been increased to encourage tourist arrivals in the lead-up to the summer, with all parties working closely together to achieve the best possible results. However, the situation is expected to continue to be difficult and unstable,” Zahra said.
“During these challenging times, we must manage all our operations diligently and creatively, maintain a positive attitude, make the necessary bold decisions, focus on our strengths while cutting out unprofitable ones, and maintain a healthy “Resetting expectations of employees and partners through communication is becoming increasingly important.”
HSBC Premier is HSBC Group's largest proposition for retail customers. It will be available to customers who have a valuable personal relationship with the bank.
