HSBC offers financial planning in the Middle East

HSBC Bank Middle East has introduced financial planning services in the Middle East, in hope of increasing its wealth management products and services

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By  Massoud Derhally Published  June 26, 2001

As of a few days ago, HSBC Bank Middle East’s financial planning services are now offered throughout the Middle East region. The expansion of the bank’s operations comes on the back of the recent launch of its Capital Secured Growth Fund (CSGF), which tracks a basket of equities listed on European and American stock exchanges.

HSBC’s financial planning operation will complement services extended to corporate and institutional clients. “We think we have an edge. We have UK qualified professionals and are also training local nationals,” Steve Martin, regional manager public affairs, HSBC Bank Middle East, told ITP.net. The presence of financial planning professionals is “key to our strategy of increasing and providing wealth management services,” added Martin. Customers in the UAE are able to receive relationship-banking services tailored to their private needs and financial objectives.

HSBC Bank Middle East is one of the largest foreign banking entities operating in the Middle East. Having been in the UAE for almost 55 years, the new initiative to enhance the range of products and services, places HSBC Bank Middle East closer to Merrill Lynch, UBS and Credit Suisse who also offer wealth management services.

HSBC does not offer online banking in the region as of yet. However, an online offering will be introduced in the UAE in the comings months, and shortly afterwards, in other parts of the Middle East. While HSBC does not offer online brokerage in the region, the $1 billion joint venture with Merrill Lynch, currently available to customers in the UK, Australia and Canada is earmarked for the Middle East, according to Martin. The bank's assets in the UAE have grown at approximately 12% per annum, from AED4,828,546 as of 31 December 1990 to AED15,841,911 as of 31 December 2000.

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