HSBC Saudi contracts

BAnKERS at HSBC have won a string of privatisation contracts from Saudi Arabia, sources say.

The lender is working with the kingdom’s rulers on an ambitious plan to sell public assets as the country tries to move away from reliance on oil.

In Riyadh, HSBC’s global banking and markets chief Samir Assaf said: ‘We are very much contributing to the privatisation programme.’ He added Saudi Arabia has huge potential in further developing a trade corridor with Asia.

HSBC is based in London and has a big UK branch network, but earns most of its money in Asia and the Middle East. It is seeking to be a key partner in China’s huge development.