HSBC appoints Asmar as CEO of new Oman branch
HSBC has announced that Elie el Asmar will be the Chief Executive Officer of its new branch in Oman, which is scheduled to open in May. The branch will exclusively serve corporate customers.
“Asmar brings extensive experience in international and corporate banking to this role, with over 30 years of service in various positions at HSBC across the Middle East and North Africa,” said Stephen Moss, HSBC’S Regional CEO for the Middle East, North Africa, and Türkiye (MENAT) region.
"Elie has served as a country CEO and has successfully grown revenues while leading businesses, making him ideally suited for this new opportunity for our internationally focused wholesale branch in Oman,” he added.
Commenting on his appointment, Asmar said, “HSBC’S international network is a key strength, both as the world’s leading trade bank facilitating global business flows and as a connector of clients to business and investment opportunities worldwide. Our physical presence in Oman enables us to maintain our focus on supporting economic diversification, further developing capital markets, attracting international investment, and growing trade corridors within MENAT and beyond.”
HSBC Bank Middle East Limited - Oman branch will focus exclusively on wholesale banking by connecting internationally focused enterprises in Oman with the rest of the world and vice versa.
Earlier in August 2023, HSBC Bank Oman was fully merged with Sohar International Bank, and all rights, obligations, assets (including contracts and employees), and liabilities of HSBC Bank Oman were transferred to Sohar International.
After the merger’s completion, HSBC Bank Oman ceased to exist. HSBC Group that time had announced its intention for HSBC Bank Middle East to establish a new wholly-owned banking branch in Oman.
HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa, and Türkiye (MENAT), with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Türkiye, and the United Arab Emirates.
In Saudi Arabia, HSBC is a 31% shareholder of Saudi British Bank (SABB) and a 51% shareholder of HSBC Saudi Arabia for investment banking in the kingdom. Across MENAT, HSBC had assets of $69bn as of December 31, 2023.
HSBC Bank Middle East Limited - Oman branch, which is scheduled to open in May, will focus exclusively on wholesale banking by connecting internationally focused enterprises in Oman with the rest of the world and vice versa