20 NOVEMBER 2002

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First time life assurance for government employee association

HSBC Life Assurance (Malta) Limited and the Secretariat for the Elderly have signed a corporate group life cover agreement. Through this agreement the 1000 strong workforce at St Vincent de Paul is now benefiting from life insurance protection from HSBC.

This is the first agreement taken out by an association of Government employees to cover members through private insurance cover. The agreement was signed by Mr Ray Schembri on behalf of HSBC Life Assurance (Malta) Limited and by Dr Joseph Dimech on behalf of the Ghaqda Socjali ta' l-Impjegati - Residenza San Vincenz de Paul. Also present for the signing were Dr Antoine Mifsud Bonnici, Parliamentary Secretary for the Elderly and Mr Tim Fitzpatrick, HSBC Bank Malta's Chief Operating Officer.

"HSBC has long recognised the sterling work carried out by those who work at St Vincent de Paul and has been one of the St Vincent Association main sponsors for some time," said Tim Fitzpatrick. "This new Group Life Cover agreement now means that HSBC will also help the vast majority of St Vincent de Paul's employees to help secure their families' financial position in the years ahead," concluded Mr Fitzpatrick.

"GHASI-SVPR would like to take this opportunity to thank HSBC for their continued support of our organisation and for the friendly and professional approach displayed by HSBC staff during discussion on this agreement," said Dr Joseph Dimech the GHASI - SVPR Chairman.

Dr Mifsud Bonnici said, "This agreement has set an excellent example to other Government departments, highlighting the fact that by collectively investing in private insurance policies, employee associations can provide better protection for their families. I would like to congratulate GHASI-SVPR for taking this initiative to conclude the first private group insurance cover for an association of Government employees with HSBC Life."


Copyright © Network Publications Malta.
Editor: Saviour Balzan
The Business Times, Network House, Vjal ir-Rihan San Gwann SGN 07, Malta
Tel: (356) 21382741-3, 21382745-6 | Fax: (356) 21385075 | e-mail: editorial@networkpublications.com.mt