HSBC has expanded its Markets and Securities Services business in the Abu Dhabi Global Market (ADGM) for its key strategic sovereign, institutional and investment administrator clients by obtaining an organising custody license.
The expansion unites customers to a custodian network in 96 markets across the globe and offers a premier digital platform for securities services activities, delivering institutional clients and investment administrator clients with global custody services.
Abdulfattah Sharaf, CEO and Group General Manager of HSBC UAE and Head of International, HSBC Bank Middle East Limited, stated that from sovereign and institutional clients to family offices and ultra-high-net-value individuals, through to investment managers and retail customers, HSBC is capitalizing in its wealth management capabilities across all client sections.
The bank’s recent presence in ADGM complements the bank’s existing securities services presence across the region and across the globe, Abdulfattah added.
Custody services – the safekeeping and servicing of securities and other financial assets on behalf of clients would enable cross-border financial flows and support the risk management requirements of investment managers and asset holders.
Nabeel Abdul Rahim Albloushi, head of Corporate Sales MENAT, and head of Markets and Securities Services in the UAE said that HSBC is having exceptional global banking and markets capabilities in the UAE. The broader area is how the company assisted clients in the Middle East and North Africa (MENA) increase more than $19 billion from investors worldwide in 2021 and over $15 billion in the first half of 2022, placing them on top of Dealogic’s regional equity and debt rankings.
Albloushi further added that the United Arab Emirates (UAE’s) position as a hub of financial market activity is clear from the previous year’s boom in IPO listings across the country, so it is more significant than ever for HSBC’s Global Custody business to be on-the-ground, associating directly with clients in the nation’s capital. This expansion responds to the requirements of their clients and further extends the company’s ability to connect international investors, sovereign and institutional investment managers from Abu Dhabi to capital markets across the globe.
The Hongkong and Shanghai Banking Corporation Limited is one of the world’s largest global custodians and carried USD 10.8 trillion of assets as custodian for clients as of December 31, 2021, seven per cent above average than on December 31, 2020.
About the Hongkong and Shanghai Banking Corporation Limited (HSBC) in the MENAT region:
The Hongkong and Shanghai Banking Corporation Limited (HSBC) has a long-standing presence and extensive coverage in the MENAT region. HSBC is one of the world’s largest global banking and financial services organizations in the Middle East, North Africa, and Turkey (MENAT) region. It is present in nine nations across the region: Oman, Qatar, Algeria, Bahrain, Egypt, Kuwait, Saudi Arabia, Turkey, and the UAE. In the Kingdom of Saudi Arabia (KSA), HSBC holds a 51 percent share in HSBC’s Investment Banking Advisory and a 31 percent share in the Saudi British Bank (SABB). On December 31, 2021, the HSBC’s assets in the MENAT region amount to USD 71 billion.