The asset management arm of HSBC Holdings has received official approval to open a branch in the UAE, a strategic move aimed at capitalizing on one of the fastest-growing wealth markets globally.
The bank plans to initiate its operations by launching ten local investment funds for clients from its new branch in Dubai, as stated by Daisy Ho, CEO of HSBC Asset Management for Asia and the Middle East. In an interview with Bloomberg Television, Ho remarked, “We have a long-term commitment to the Middle East, which is among the fastest-growing wealth markets in the world.”
HSBC is shifting its focus toward Asia and the Middle East while withdrawing from certain operations in the West as part of a comprehensive restructuring plan led by CEO George Hillery. The bank is investing across various sectors, including corporate banking, investment banking, and wealth management, as part of a broader strategy to foster growth in the Middle East.
With this development, the British bank joins a growing number of major financial institutions, such as BlackRock, Barclays, and hedge funds, that are currently expanding their operations in the Middle East.