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HSBC launches new banking service for UAE millionaires

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HSBC UK announced today the expansion of its private banking business for particularly wealthy clients in the United Arab Emirates.

Clients need to have investable assets worth US$2 million or more to take advantage of HSBC’s Middle East global private banking business. According to a press release sent to Al-Monitor, the bank hopes to cater to “a rapidly growing group of high net worth investors who want to hold assets domestically while retaining the flexibility to build their portfolios in major international financial centres”.

HSBC has 10 private wealth centers around the world in the United States, the United Kingdom, Switzerland, Singapore, Hong Kong and other places. Global Private Banking in the Middle East will be present in both the Dubai International Financial Centre and the Abu Dhabi Global Market, according to the press release.

Why it matters: The UAE is increasingly becoming a haven for the wealthy.Real estate deals in luxury Dubai A 13-year high earlier this year.UAE push Attract cryptocurrency Events also lead to high net worth individuals liquidated funds Cryptocurrency exchanges in the UAE.

understand more: The UAE is facing scrutiny over financial transparency as it attracts more wealth. Gulf states included in Paris-based Financial Action Task Force’s ”greylist“Earlier this year, due to money laundering concerns.

In response, UAE authorities are working to improve financial transparency.Tax double check the first half of 2022.The Central Bank of the United Arab Emirates also recently impose sanctions Several banks are suspected of not following reporting procedures.

Check out Afshin Molavi’s article for the Emerging World How HSBC’s fortunes reflect the future of globalisation.



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