SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt's PM meets Tokyo governor, witnesses signing of education agreements    Egypt's Sisi, France's Macron discuss Gaza ceasefire efforts in phone call    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt expresses 'deep dissatisfaction' to Netherlands over embassy attack    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    At TICAD, Egypt's education minister signs pacts with Casio, SAPIX    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



HSBC scaling down private bank in MidEast: sources
Published in Daily News Egypt on 29 - 02 - 2012

DUBAI: HSBC, Europe's biggest lender, is significantly scaling down its private banking operations in the Middle East, two sources told Reuters, and HSBC said its top private banker in the region had been reassigned to London.
The private bank has shrunk the number of relationship managers to around 10 from 50-60 at its peak 18 months ago, one banking source familiar with the matter said. As many as 200 private bankers were employed by the bank in 2008 in the region, a second banking source added.
HSBC confirmed, as one of the sources had said, that Mark Stadler, HSBC's global market head for the Middle East and Africa private bank since January 2011, had relocated to London.
He will be replaced by Sobhi Tabbara, who was previously Business Area Head for MENA and Saudi Arabia, a spokesman for HSBC in Dubai said in an emailed statement.
"We are not closing our private banking business in the Middle East, and it is not for sale. We have made a number of management changes across the private banking that mean that Mark Stadler has returned to the UK," the statement said.
The move to downsize private banking operations in the Middle East is part of a push by the UK-headquartered lender to focus more on corporate and retail banking in the region and follows reviews of its Middle East business, the sources said.
"They have made a cautious decision to scale back private banking in the region and focus on the corporate and retail side. The cost base in the private banking is considerably higher and competition really intense," the first banking source said.
"The Middle East is a key area for the bank, and there is more pressure to derive more profits from the region."
HSBC, however, is not planning to fully close its private banking business in the region and may retain a small unit in Dubai, the source added.
Oil wealth
Some other global banks have been beefing up their wealth management and private banking arms to cater to the region's rich.
Last year, Swiss bank UBS poached Credit Agricole's top Middle East and Africa investment banker Albert Momdjian for a senior job at its emerging markets wealth management division.
Coutts, the private banking arm of Royal Bank of Scotland and Bank of America Merrill Lynch have all beefed up their wealth management divisions recently.
The Gulf Arab region, which includes Saudi Arabia, Kuwait and the UAE, together pump a significant share of the world's crude oil production, and global private banks have flocked to the region lured by the region's growing ranks of millionaires.
The Middle East and Africa wealth management sector grew 8.6 percent in 2010 and overall assets under management could grow to $6.7 trillion by 2015 helped by high oil prices, a study by the Boston Consulting Group in June last year showed.
The region's private banking sector has several pure-play private banks like Julius Baer and Sarasin Alpen, competing with diversified banks such as, J.P. Morgan Chase and UBS.


Clic here to read the story from its source.