HSBC eyes new growth avenues in Middle East
EXPECTS NEW OPPORTUNITIES AFTER POST-COVID REBOUND
HSBC is working on ambitious plans for growth the Middle East, North Africa and Turkey (Menat), where a faster rebound in economic growth and trade in the post-Covid era will bring new opportunities, said Martin Tricaud, HSBC Group CEO for Menat and deputy chairman of HSBC Bank Middle East Ltd.
The rebound in GDP growth and international trade is expected position the region as one of the fastest growing in the world over the coming decade.
As the nine markets in which the bank operates in the region bounce back from the impact of the Covid-19 pandemic, HSBC expects economic growth and international trade in Menat to outpace the global average and create a raft of new opportunities across the bank’s customer spectrum.
Ambitious plans
“HSBC has ambitious plans for growth in Menat, which is positioned to be one of the fastest growing regions of the world over the coming decade,” said Tricaud, adding “we are investing to support the needs of customers across the entire spectrum of our business.”
The IMF forecasts that the economies of the nine markets
will see the value of GDPexpand by 34.7 per cent in aggregate by the end of 2025 as nations recover from the sharp downturn triggered by the Covid-19 pandemic. Trade growth could follow a similar path.
Tricaud said HSBC is putting special focus on investments in technology, particularly its HSBCnet application for wholesale customers to help them digitise transactional foreign exchange flows and accelerate digital payments, and with enhancements to services on its mobile platform for retail customers.
HSBC is also boosting its capabilities for financing and structuring complex solutions for corporate transactions as well as rolling out new advisory services for sovereign wealth funds.
We are investing to support the needs of customers across the entire spectrum of our business.”
Martin Tricaud | HSBC Group CEO for Menat and deputy chairman of HSBC Bank Middle East Ltd