HSBC has unveiled a private banking centre in the UAE to cater to a fast-growing high net worth investor base that wants to hold assets inside the country.
The hub will cater to the needs of internationally-minded clients with investable assets of over $2m (£1.78m, €2.04m). It will offer clients both onshore and offshore private wealth management services in the UAE.
HSBC Bank Middle East Global Private Banking in the UAE will complement the private banking services it has provided to clients through the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) operations.
The addition of the UAE brings to 11 the number of international private wealth centres operated by HSBC, joining a network that includes Switzerland, Singapore, the UK, Luxembourg, Guernsey, Hong Kong and the US.
Abdulfattah Sharaf, chief executive of HSBC UAE and head of international, HSBC Bank Middle East, said: “Opening a new branch of our private bank in the UAE adds an important location to HSBC’s global network of international wealth management hubs, giving the growing number of UAE-based millionaires more choice about where their assets are held, and enabling our bankers to support our clients to manage and diversify their portfolios.
“HSBC’s ambition is to be the preferred international financial partner of our clients and the launch of HSBC Bank Middle East Global Private Banking in the UAE is a clear sign of our commitment to provide world class international private wealth management for expatriate and Emirati clients as the nation’s millionaire households grow.”
Farzad Billimoria, managing director, head of private banking for UAE at HSBC, added: “The UAE is a global private banking hub where our clients in the country, and our clients from around the world, increasingly tell us they want to hold part of their financial and real estate wealth.
“That trend sees HSBC Bank Middle East Global Private Banking add a new dimension to our existing private banking presence in the DIFC and the ADGM, and enables us to provide clients with both onshore and offshore private wealth management services in the UAE.”