London-headquartered HSBC’s private banking arm has ambitious goals for its Middle Eastern business following the hire of an ex-Credit Suisse executive to lead the region.
HSBC Global Private Banking (GPB) aims to grow its client assets in the Middle East and North Africa (MENA) by 60 percent in the next five years, according to a «Bloomberg» report citing Aladdin Hangari. The MENA region is currently the largest contributor to HSBC’s Swiss private banking unit.
«We are in all the key markets and we have a strong business,» said head of GPB MENA Hangari said in an interview. «There’s a lot more we can do with existing clients, and there’s more we can do in terms of attracting new clients.»
Hiring in 2023
Last year, HSBC added 100 private bankers in the MENA region. They include those from the now-defunct Credit Suisse such as its ex-Qatar CEO Hangari as well as others that cover other key sub-regions including Kuwait and Saudi Arabia.
«There is definitely a strong demand for talent and especially the top performers,» noted Hangari. «There is an opportunity for us to grow everywhere, but obviously Saudi is going to always be a key market for all the private banks due to its sheer size, along with the UAE, Kuwait and Qatar.»
