DUBAI - HSBC has plans to open a unit in Dubai International Financial Centre (DIFC) and expand its presence in the GCC countries, said David Hodgkinson, Chief Executive Officer and Deputy Chairman of HSBC Bank Middle East.
In the UAE, HSBC Middle East opened its fourth Customer Service Unit in the Al Attar Business Centre on Shaikh Zayed Road, Dubai yesterday.
The bank has 8 branches in addition to the four CSUs. The Customer Service Units will allow customers to apply for new accounts, loans, credit cards and cheque books, while the ATM machine will take care of the cash withdrawal and deposit functions.
"We are keen to expand our presence in the UAE and the region. In the UAE we are in constant dialogue with the Central Bank on possibilities of branch expansion and other means of expanding our presence in the market," he said.
As regrads to other GCC countries, "We are exploring business opportunities in Kuwait as that market opens up. In Saudi Arabia too we have new business plans," he added. Currently, in Saudi Arabia, HSBC operates through Saudi British Bank, a joint venture in which HSBC holds 40 per cent stakes.
HSBC has applied for a licence to open an investment bank in Saudi Arabia in association with the Saudi British Bank.
In the UAE, HSBC has plans to further expand its mortgage business to capitalise on the real estate boom.
Currently, the bank offers mortgages on properties in certain developments in the emirates of Dubai and Ras Al Khaimah. The bank is financing freehold properties of both UAE nationals and expatriates. In the absence of clarity in title deeds requirements for financing, the bank has entered into separate agreements with property developers to facilitate financing while limiting its risks. The bank expects booming business in the mortgage business in the UAE as the legal framework becomes simpler.
BY BABU DAS AUGUSTINE
© Khaleej Times 2004
