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HSBC is expanding its existing private banking business in the UAE to cater to a growing group of high net worth investors.
The new private bank will meet the needs of internationally-minded clients with more than $2 million in investable assets, the bank said in a statement Wednesday.
“The opening of our new private bank branch in the UAE adds a key location to HSBC’s global network of international wealth management centres, giving the growing number of UAE millionaires more choice in where to hold their assets and enabling Our bankers are able to support our clients in managing and diversifying their portfolios,” said Abdulfattah Sharaf, Chief Executive Officer of HSBC UAE and Head of International, HSBC Middle East Limited.
The addition of the UAE brings the number of international private wealth centres operated by HSBC to 11. It joins a network that includes Switzerland, Singapore, the UK, Luxembourg, Guernsey, Hong Kong and the US.
“The UAE is a global private banking hub and our clients in the country and from around the world are increasingly telling us that they want to hold some of their financial and real estate wealth,” added Farzad Billimoria, Managing Director, Head . Private Banking, UAE, HSBC.
“This trend allows HSBC Middle East Global Private Banking to add a new dimension to our existing private banking business in the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) and enables us to offer our clients Onshore and Offshore Private Wealth Management Services in the UAE.”
HSBC Middle East Global Private Banking customers will receive the bank’s mobile-first capabilities as part of a range of tailored international banking and investment products and services, the statement added.
In addition, customers will receive holistic lifestyle services provided by Ten Lifestyle Group.
HSBC recently announced a strategic partnership with Oracle to accelerate the bank’s digital transformation.
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