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HSBC has expanded its markets and securities services division at the Abu Dhabi Global Market (ADGM) to secure custodial licenses for its sovereign, institutional and investment manager clients.
The expansion will provide institutional clients with global custody services, connecting them to a custody network in 96 markets around the world and providing a digital platform for securities services activities.
“HSBC is investing in wealth management capabilities across all client bases, from sovereign and institutional clients to family offices and ultra-high net worth individuals, to investment managers and retail clients,” said Abdulfattah Sharaf, CEO, HSBC UAE, HSBC Middle East Ltd. International The person in charge of the business said.
“Our new business at ADGM complements HSBC’s existing securities services business the whole area and around the world,” he added.
According to the United Nations Trade Conference, the UAE is the business and tourism hub of the Middle East, ranking 19th globally among the top 20 countries for attracting foreign direct investment, and number one and developing in West Asia and MENA. world investment report.
Custody services – the safekeeping and servicing of securities and other financial assets on behalf of clients – enable cross-border financial flows and support the risk management requirements of asset owners and investment managers.
Nabeel Abdul Rahim Albloushi, head of HSBC, said the bank’s banking and market capabilities in the UAE and the wider region have helped clients in the Middle East and North Africa raise more than $19 billion from global investors in 2021 Raised over $15 billion in half a year. Head of Corporate Sales in the Middle East, North Africa and Turkey, and Head of Markets and Securities Services in the UAE.
“The UAE’s status as a hub of financial market activity is evident from 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,” he said. .
“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.”
Europe’s largest bank, HSBC, is one of the world’s largest global custodians, holding $10.8 trillion in assets as client custodian as of December 2021, 7% higher than in December 2020.
HSBC said earlier this month Profit before tax for the second quarter It held steady as higher revenue and net interest margin helped it offset higher charges for expected loan losses amid heightened global economic uncertainty.
The bank said on Monday that pretax income for the three months ended June was $5.01 billion, down slightly from the $5.06 billion reported a year earlier.
Reported revenue for the April-June period rose 2% to $12.8 billion, mostly reflecting higher interest rates.
HSBC is increasingly concerned Asia drives revenue growth, said all its regions were profitable in the first half.
The bank said its revenue outlook remained positive based on the current market consensus on global central bank rates and its forecast for loan growth of a sustained mid-single-digit percentage in 2022.
Updated: August 14, 2022 at 12:53 pm
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