Thursday 01, November 2018 by Kudakwashe

HSBC expects to double commercial bank's MENA profit by 2023

 

The commercial bank posted a profit of $199 million in MENA in 2017 and a profit of $6.8 billion for the commercial bank globally.

HSBC expects to more than double its profit within its commercial bank in the MENA region from China's Belt and Road Initiative and plans by Gulf economies to diversify from oil.

Daniel Howlett, HSBC Regional Head of Commercial Banking in MENA, said, “You have probably two of the biggest infrastructure programmes ever undertaken, the Middle East transformation programmes and the Belt and Road Initiative and we are in many of the countries where this is being undertaken, so we are at the heart of it.”

The lender’s commercial bank Middle East pipeline is said to have been better than ever, with clients looking for financing for cross-border mergers and acquisitions, projects as well as trade services, lending and other products.

Saudi Arabia, the UAE and Kuwait are among governments pushing ahead with plans to move their economies away from a dependence on oil revenues.

Howlett said that HSBC was committed to Saudi, amid the international uproar surrounding the killing of Saudi journalist Jamal Khashoggi, reported Reuters.

 

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