HSBC eyeing Middle East expansion

6 April 2009

2 minute read

Some recent senior appointments hinted that the Middle East was an increasing area of focus for HSBC, but now it's confirmed that it plans to expand in the region.

Last year, 10% of the bank's revenue was generated from the Middle East and it intends to increase that to 15% this year, said Youssef Nasser, chief executive of HSBS Middle East in an interview with Zawya Dow Jones.

In March, HSBC hired a new managing director of global banking in Qatar, and named Simon Cooper as the new chief executive office of its Middle East operations.

This follows on from some senior appointments in Qatar in February.

"Our strategy is to increase the share of the Asian and Middle East regions in the bank's global business," said Nasser.

Whether this expansion will lead to jobs being created is debatable. A lot of the recent appointments have been through either internal transfer or promotions.

And so far this year it doesn't seem to be going entirely to plan. According to figures from data provider Dealogic, it sits in seventh place in a survey of investment banking revenue earners in the Middle East to March 29. This is down from top spot in the previous survey.

AUTHOReFinancialCareers Gulf

Insider Comment

ME
MEER
1 June 2010
it would ne needless to say that HSBC is a big entity,after this finincial termoil the bank kept a softcorner for its employees that was a good sign in employee prospective, i heard in an article that employee loyalty avg.of HSBC is 28 yers which is selfexplanatory, and shows bank's strength and standing in new emerging markets, hope to see more growht in gulf region.
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pr
pratikmb
14 May 2009
I feel proud when I hear any positive news about HSBC Bank as 'HSBC' is in my blood before I was born since my father associated with HSBC Bank in UAE for over 31 years with high integrity. He also gives suggestions when debate takes place with family friends/colleges advising that HSBC is one of the most renowned international bank in the world with high tech and efficient resources to serve the clients with best service support.
It is not in my luck to be associated with HSBC BANK although tried and would be my prevailage if provided an opportunity since it is planned for further expansion so that I may considerr moving out from my current employer, i.e. Barclays Bank PLC in DUBAI as a Credit Officer
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FA
FARHANA AZIZ
14 May 2009
In the new economic world order which is tryly defined by the Tsumani faced by Global Financila Institutions, I firmly believe that HSBC has braved throughthe most difficult circumstances and still reflcted a strong foothold as a World Local Bank. It is better poised to define itself to its true defintion by Risisng after falling and a rise that will be enduring through rich prudent practices.
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na
nadeemschumi
21 April 2009
HSBC is one of the growing bank in the world.It is the world local bank with opportunities for everybody .
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va
vasudevan1
20 April 2009
It is interesting to read that HSBC is expanding its operation in the Middle East. Middle East economy is sustainable economy, providing employment opportunities to many nationals from different parts of the world. Also, it is close proximity to many of the Asian Countries like Hong Kong where HSBC is domiciled.
Further with opening of HSBC's competition among the banks is increased and provide competitive service to retail and commercial clients.
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