HSBC has been named the UAE’s Best International Private Bank at the Euromoney Global Private Banking Awards 2023, the premier accolade for private bankers and wealth managers, recognised by the industry across the globe.
HSBC expanded its existing private banking business in the UAE in 2022, catering to the country’s growing number of millionaire residents.
HSBC Bank Middle East Global Private Banking enables its growing client base to hold assets inside the country, while retaining the flexibility to structure portfolios across international financial hubs, making the UAE a key global international private wealth centre for HSBC alongside Switzerland, Singapore, Hong Kong and London.
Abdulfattah Sharaf, CEO UAE and Head of International at HSBC Bank Middle East said: “HSBC’s ambition is to be the preferred international financial partner of our clients and being recognised as the UAE’s Best International Private Bank by Euromoney is a clear sign of our commitment to provide world class international private wealth management for Emirati and expatriate clients as the nation’s millionaire households grow.”
The number of high-net-worth individuals in the UAE is expected to rise 39 percent by 2026 to reach more than 228,000 people, from 163,000 in 2021, as the country continues to expand its reputation as a leading global financial centre.
Farzad Billimoria, Head of Private Banking UAE at HSBC Bank Middle East, said: “Winning these awards demonstrates our clear commitment to clients, who are at the centre of everything we do. Our focus is on ensuring that clients receive exceptional, distinctive and industry-leading experience as we deliver world class solutions for their needs, and we thank them for their continued trust.”