collaboration ensuring our employee base reflects the multi-cultural spirit of the UAE and our diverse client base.
What are your thoughts on the future prospects for the private banking market in the MENAT nations? The growth of the region means it is an exciting market for private banking. Innovation and vibrant entrepreneurship create a strong demand for world-class wealth management as millionaire households continue to grow.
implement solutions to manage clients’ legacy across generations.
Is technology playing a bigger role in, or changing the ways that you interact with your private banking clients? The ways in which we interact with clients are constantly evolving to provide a faster and more seamless experience with a wider range of journeys and products. Private Banking remains a high touch client segment, but technology is now providing us with better ways
IN THE UAE, IN ADDITION TO INTERNATIONAL INVESTMENTS, MORE CLIENTS ARE INCREASINGLY HOLDING THEIR FINANCIAL AND REAL ESTATE ASSETS IN THE COUNTRY, AND WE EXPECT THE NATURAL NEXT STEP IS THAT WE SEE MORE ESTABLISHED FAMILY OFFICES HERE With its investment-friendly policies, evolving succession laws for expats, recognised financial centre status and the availability of world-class banking talent, the UAE has established itself as a prominent private banking hub of global relevance. For HSBC, the UAE is a critical global hub where our clients around the world increasingly want to hold part of their financial and real estate wealth. Our new HSBC Bank Middle East Global Private Banking will add a new dimension to our existing presence in DIFC and ADGM and enable us to provide clients with both onshore and offshore services. All of our UAE clients have a dedicated Relationship Manager locally to ensure products and advice align to the evolving needs throughout their lifetime and can be a single point of access to connect with expert teams in other geographies. We also offer access to international wealth and trust specialists who help
to make personalised interaction more efficient and aligned to clients’ preferences. Generational change and digital adoption have made it a necessity in financial services to develop and deliver options to clients on how they can interact with us within an omni-channel engagement model. Private banking clients have complex needs and are geographically mobile— creating digital platforms to support them is essential at HSBC. Digital transformation has allowed us to move the bank to an interactive model of client engagement that allows us to facilitate their needs, wherever they are in the world. I do think, for all businesses, the pandemic has helped accelerate this trend as intuitive digitally enabled communications have become a core component of day-to-day engagement. Technology has also facilitated our ability to move beyond servicing our clients with traditional wealth management
products towards an ongoing strategic partnership. We can deliver deep portfolio analytics and insights and use our expertise to provide them with more impactful strategic advice than ever before using real-time data. Clients are now more tech-savvy and connected than ever before. Social and mobile tools mean the world is at their fingertips and we have to not only keep up but act with urgency in their best interest based on ongoing inflow of information. It also enables timeliness and consistency of engagement in response to market movements, changes in personal or business circumstances and needs, etc.
What would you say are the topmost benefits of the services that HSBC can provide to HNWI’s in the region? HSBC is the largest international bank in Middle East, North Africa and Turkey (MENAT), with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Turkey and the United Arab Emirates. We believe that our personal and business banking presence around the world makes us unique. Our purpose is to look after our clients and their family and business needs globally, whether it be in banking or investments. Due to our scale and expertise, we can bring the world’s opportunities to our clients and help them manage global risks while we help them protect their wealth and plan for their family’s future and legacy. In the UAE, in addition to international investments, more clients are increasingly holding their financial and real estate assets in the country, and we expect the natural next step is that we see more established Family Offices here. As that shift accelerates, together with our new HSBC Middle East Global Private Banking, and our existing award-winning operations in the Dubai International Financial Centre (DIFC) and the Abu Dhabi Global Market (ADGM), we are ready to offer the best of onshore and offshore services to meet their needs. mea-finance.com
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