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HSBC has secured a custody arrangement license in Abu Dhabi, enabling the firm to expand its global securities services coverage for institutional clients in the UAE market.
This will enable the bank to expand its market and service services business in the Abu Dhabi global market, providing custody support and related services to institutional and sovereign wealth clients.
Commenting on the development, Abdulfattah Sharaf, Chief Executive Officer of HSBC UAE and Head of International Business, HSBC Middle East Limited, said: “HSBC is investing in its wealth management capabilities across all client sectors, from sovereign and institutional clients to family offices and ultra High net worth individuals, all the way to investment managers and retail clients.
“Our new business at ADGM complements HSBC’s existing securities services business in the region and globally.”
Nabeel Abdul Rahim Albloushi, Head of Corporate Sales at HSBC MENAT and Head of Markets and Securities Services in the UAE, added: “Having world-class global banking and markets capabilities in the UAE and the wider region is how we will help clients in the Middle East from global investors in 2021. Over $19 billion raised there, with over $15 billion raised in the first half of 2022, places us at the top of Dealogic’s regional equity and debt rankings.
“The UAE’s status as a hub of financial market activity is evident in the boom in IPO listings across the country over the past year, so HSBC’s global custody business is more important than ever, connecting directly with clients in the country’s capital.”
“This expansion clearly responds to the needs of our clients and further expands our ability to connect Abu Dhabi’s international investors, sovereign and institutional investment managers with capital markets around the world.”
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