Strategy
HSBC Cranks Up Private Banking Ambitions For MENA – Report
The MENA region is already a big source of revenue for HSBC's Swiss private banking entity.
HSBC has added 100 bankers in 2023 and is looking to hire “opportunistically” in the energy-rich region in the coming months, Bloomberg quoted a senior figure as saying last week.
The news service spoke to Aladdin Hangari, who joined HSBC to lead its private banking business for the Middle East and North Africa last year.
Hangari was quoted as saying that the appointments should help his unit boost client assets by around 60 per cent in the next five years. The report said the division is the largest contributor to HSBC’s Swiss private banking entity, which manages $85 billion in client assets.
A spokesperson for HSBC confirmed the report to this news service as accurate. HSBC added that it has made important hires to enhance and expand its MENA coverage including Qatar, Kuwait and Saudi Arabia.
Hangari had previously worked for 20 years at Credit Suisse, and held a top position in Qatar.
