HSBC Expands UAE Wealth Business

HSBC will open a wealth centre in Abu Dhabi in December, its second such hub in the region after the first one opened in Dubai last year. This expansion is a sign of the bank's growing commitment to the UAE's wealth management market. The new centre will provide a range of services to high net worth individuals and families in the region.

According to Mohamed Al Marzooqi, who leads the bank in the UAE, conflict in the region has not hurt demand from its wealth clients. In fact, the bank has seen an increase in new wealthy clients in the UAE from January to June, a trend that continued even after the war involving the US, Israel and Iran began in late February.

Wealth Management Services

The bank has also added new products to its wealth management offerings in the UAE. In January, it launched 10 local funds, providing investors with more options to diversify their portfolios. Additionally, in June, HSBC rolled out tokenised deposits, which allow clients to move money in many currencies at any hour, increasing the flexibility and convenience of its services.

Market Sentiment and Growth Plans

A poll of over 1,600 business leaders and 800 institutional investors from 16 markets, conducted by HSBC, found that while geopolitical risk is still a key concern, 88% of business leaders plan to grow in the region over the next four years. Jo Miyake, who heads banking for Asia and the Middle East at HSBC, noted that the conflicts may lead some firms to invest at a slower pace, but they are not leaving the region.

Leadership and Expansion

To support its growing wealth management business in the UAE, HSBC has moved Sami Abouzahr from Hong Kong to the UAE to lead its wealth arm in the region. This move demonstrates the bank's commitment to the region and its desire to provide high-quality services to its clients. The expansion of HSBC's wealth management business in the UAE is a significant development for the region's financial services sector, and it will be interesting to see how the bank's new wealth centre in Abu Dhabi contributes to this growth.