HSBC expands private banking in UAE to tap growing millionaire base

HSBC is expanding its existing private banking business in the UAE to cater to a growing high net worth investor base.

The new private bank will cater to the needs of internationally-minded clients with investable assets of over $2m, the bank said in a statement on Wednesday.

“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,” said Abdulfattah Sharaf, CEO of HSBC UAE and head of international, HSBC Bank 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 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,” added Farzad Billimoria, managing director, head of private banking, UAE, HSBC.

“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 the lender’s mobile-first capabilities as part of a range of tailored international banking, investment products and services, the statement added.

In addition, clients will receive holistic lifestyle services delivered by Ten Lifestyle Group.

HSBC recently announced a strategic collaboration with Oracle to accelerate the bank’s digital transformation.

Read: HSBC, Oracle announce strategic collaboration