HSBC, Europe’s largest lender, has expanded its private banking business in the UAE to cater to the growing number of high-net-worth investors.
The new private bank is aimed at clients with investable assets of more than $2 million, HSBC said in a statement on Wednesday.
“The launch of HSBC Bank Middle East Global Private Banking in the UAE complements the private banking services we have provided to clients through the DIFC since 2015,” said Abdulfattah Sharaf, chief executive of HSBC UAE and head of international, HSBC Bank Middle East.
“Opening a new branch of our private bank in the UAE adds an important location to HSBC’s global network of international wealth management hubs, giving the growing number of UAE-based millionaires more choice about where their assets are held.”
Dubai is the 23rd-most popular city in the world for ultra-wealthy residents, after the emirate recorded an 18 per cent increase in high-net-worth individuals who hold more than $1m in the first six months of 2022, according to a report last month by New World Wealth and Henley & Partners, which tracks private wealth and investment migration trends.
The city’s population of high-net-worth individuals rose to 67,900, up from 54,000 in June last year, the study found.
The number of high-net-worth individuals in the UAE is expected to rise 39 per cent by 2026 to reach more than 228,000 people, from 163,000 in 2021, according to a March report by consultancy Knight Frank.
The UAE’s ultra-high-net-worth population, who hold assets of more than $30m, is expected to rise by 21 per cent in the same period.
HSBC now operates 11 international private wealth centres, with the UAE joining a network that includes Switzerland, Singapore, the UK, Luxembourg and the US.
“The UAE is a global private banking hub where our clients in the country, and our clients from around the world, increasingly tell us they want to hold part of their financial and real estate wealth,” Farzad Billimoria, managing director and head of private banking for the UAE at HSBC, said.
The lender, which also has a private banking unit in the Abu Dhabi Global Market, will offer onshore and offshore private wealth management services at the new branch.
Killing of Qassem Suleimani
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
UAE currency: the story behind the money in your pockets
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Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
UAE group fixtures
Sunday Feb 23, 9.30am, v Iran
Monday Feb 25, 1pm, v Kuwait
Tuesday Feb 26, 9.30am, v Saudi
UAE squad
Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed
WWE TLC results
Asuka won the SmackDown Women's title in a TLC triple threat with Becky Lynch and Charlotte Flair
Dean Ambrose won the Intercontinental title against Seth Rollins
Daniel Bryan retained the WWE World Heavyweight Championship against AJ Styles
Ronda Rousey retained the Raw Women's Championship against Nia Jax
Rey Mysterio beat Randy Orton in a chairs match
Finn Balor defeated Drew McIntyre
Natalya beat Ruby Riott in a tables match
Braun Strowman beat Baron Corbin in a TLC match
Sheamus and Cesaro retained the SmackDown Tag Titles against The Usos and New Day
R-Truth and Carmella won the Mixed Match Challenge by beating Jinder Mahal and Alicia Fox
A Long Way Home by Peter Carey
Faber & Faber
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
