HSBC is expanding its existing private banking business in the UAE to cater to a fast-growing high net worth investor base that wants to hold assets inside the country, while retaining the flexibility to structure portfolios across key international financial hubs.
“The launch of HSBC Bank Middle East Global Private Banking in the UAE complements the award-winning private banking services we have provided to clients through the Dubai International Financial Centre (DIFC) since 2015,” said Abdulfattah Sharaf, CEO of HSBC UAE and Head of International, HSBC Bank Middle East Limited.
“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,” Abdulfattah said.
The new private bank will cater to the needs of internationally-minded clients with investable assets of over $2 million.
“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,” Abdulfattah added.
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 United States.
Farzad Billimoria, Managing Director, Head of Private Banking, UAE, HSBC, said: “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 Dubai International Financial Centre (DIFC) and the Abu Dhabi Global Market (ADGM), and enables us to provide clients with both onshore and offshore private wealth management services in the UAE.”
HSBC Bank Middle East Global Private Banking clients will receive access to HSBC’s award-winning mobile-first capabilities as part of a comprehensive range of tailored international banking, investment products and services. In addition, clients will receive holistic lifestyle services delivered by Ten Lifestyle Group PLC, one of the world’s leading concierge services.