HSBC Cayman has boosted the Insurance Managers of Cayman’s Scholarship Trust Fund with a donation of US$120,000 in honour of the late insurance executive Tom Clark.
These funds are earmarked to IMAC for a scholarship in honour of Mr. Clark, who passed away last year. Mr. Clark served the Captive insurance industry for several decades and was HSBC Cayman’s Head of Insurance up to the time of his death. He also served as chair of IMAC’s Educational Scholarship Trust Fund.
The IMAC donation is another step in HSBC Cayman’s programme of providing scholarships and educational funding for local students. In 2009, HSBC Cayman partnered with the University College of the Cayman Islands and launched a scholarship programme for Caymanian students wishing to study financial services and related disciplines.
“Our aim is to assist in the development of the Caymanian workforce through our scholarship programmes, which are available to the wider Cayman community, and through this it is our hope to help positively shape the future of the Cayman Islands,” said HSBC Chief Executive Officer Gonzalo Jalles.
Mr. Jalles also said that the bank’s donation to IMAC’s Educational Scholarship Trust Fund was a fitting way of honouring Mr. Clark’s memory. “Tom had a keen interest in assisting young Caymanians to pursue higher education and this was a central part of his role with IMAC.” Mr. Jalles said.
An example of a young Caymanian who benefitted from the programme is Laveda Burton, who is HSBC Cayman’s premier relationship manager. Ms Burton earned her bachelor’s (honours) degree in finance and international business from Richmond University in London through the IMAC scholarship.
IMAC’s Educational Scholarship Trust Fund was established in 1994 to assist with the tertiary education of young Caymanians. Contributions are derived from IMAC, the individual insurance management firms and the Captive insurance companies.
The IMAC Educational Scholarship Foundation is managed by five directors – three from the association and two from within the community. IMAC’s directors are: Ron Sulisz, chairman; John Pitcairn, chair of the Educational Committee; and Linda Haddleton, vice chair. The other directors are Michael Bowerman and Merta Day.