HSBC has opened its first wealth management centre in the Middle East in the UAE – its biggest investment in two decades in its premier banking business – to tap the growing investment appetite of affluent investors globally, according to a top banker.
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The bank’s 24,000 sq ft wealth centre started operations in Dubai on Tuesday, where some 90 relationship managers will cater to the investment needs of high-net-worth individuals in the United Arab Emirates. The country is one of the world’s top destinations for wealthy investors and entrepreneurs, attracting increasing inflows from millionaires.
The investment in the wealth centre aligns with HSBC’s enhanced focus on Asia and the Middle East.
“The UAE is one of the top priority markets for HSBC, where we make around US$1 billion in profit, and the growth opportunity is significant,” said Mohamed Al Marzooqi, CEO of HSBC UAE, in an interview with the Post ahead of the Investopia Global conference in Hong Kong last week.
“To cater to the growing segment of internationally minded affluent customers, we made our biggest investment in our international wealth and premier banking segment in the last two decades,” Al Marzooqi said.
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