HSBC has unveiled a private banking center in the United Arab Emirates to meet the needs of a rapidly growing wealthy investor base who wish to hold assets within the country.
The hub will serve the needs of internationally oriented customers with investable assets of over $2m (£1.78m, €2.04m). It will offer its clients onshore and offshore private wealth management services in the UAE.
HSBC Bank Middle East Global Private Banking in the United Arab Emirates will complement the private banking services it has provided to its clients through the operations of Dubai International Financial Center (DIFC) and Abu Dhabi Global Market (ADGM) .
The addition of the United Arab Emirates brings the number of international private wealth centers operated by HSBC to 11, joining a network that includes Switzerland, Singapore, the United Kingdom, Luxembourg, Guernsey, Hong Kong and the United States.
Abdulfattah Sharaf, Managing Director of HSBC UAE and Head of International, HSBC Bank Middle East, said: “The opening of a new branch of our private bank in the UAE adds an important location to the global network of international management centers HSBC Wealth Management, giving the growing number of UAE-based millionaires more choice about where their assets are held and enabling our bankers to help our clients manage and diversify their portfolios.
“HSBC’s ambition is to be our customers’ preferred international financial partner and the launch of HSBC Bank Middle East Global Private Banking in the UAE is a clear sign of our commitment to providing world-class international private wealth management for expatriate and Emirati customers as the nation’s millionaire households grow.
Farzad Billimoria, Managing Director, Head of Private Banking for the UAE at HSBC, added: “The UAE is a global private banking hub where our customers in the country and our customers around the world are increasingly telling us that they wish to hold part of their financial and real estate assets.
“This trend sees HSBC Bank Middle East Global Private Banking add a new dimension to our existing private banking presence in the DIFC and ADGM, and enables us to provide our clients with onshore and offshore private wealth management services in the UAE. .”