Dubai: HSBC has been named the UAE’s Best International Private Bank at the Euromoney Global Private Banking Awards 2023, the premier accolade for private bankers and wealth managers, recognised by the industry across the globe.
HSBC expanded its existing private banking business in the UAE in 2022, catering to the country’s growing number of millionaire residents.
HSBC Bank Middle East Global Private Banking enables its growing client base to hold assets inside the country, while retaining the flexibility to structure portfolios across international financial hubs, making the UAE a key global international private wealth centre for HSBC alongside Switzerland, Singapore, Hong Kong and London.
Abdulfattah Sharaf, CEO UAE and Head of International at HSBC Bank Middle East said: “HSBC’s ambition is to be the preferred international financial partner of our clients and being recognised as the UAE’s Best International Private Bank by Euromoney is a clear sign of our commitment to provide world class international private wealth management for Emirati and expatriate clients as the nation’s millionaire households grow.”
The number of high-net-worth individuals in the UAE is expected to rise 39 percent by 2026 to reach more than 228,000 people, from 163,000 in 2021, as the country continues to expand its reputation as a leading global financial centre.
Farzad Billimoria, Head of Private Banking UAE at HSBC Bank Middle East, said: “Winning these awards demonstrates our clear commitment to clients, who are at the centre of everything we do. Our focus is on ensuring that clients receive exceptional, distinctive and industry-leading experience as we deliver world class solutions for their needs, and we thank them for their continued trust.”
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About HSBC in the MENAT region:
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 US$71bn as at 31 December 2022.
About The Euromoney Global Private Banking Awards
For 20 years, Euromoney has been recognising the best in private banking and wealth management across the globe through the Private Banking and Wealth Management Survey.
To keep our products evolving and fresh, in 2023 we are building off this experience and inviting the world’s leading private banking and wealth management institutions to showcase their achievements in client service, product development and commitment to the sector in the last 12 months through direct written entries. This direct entry process will replace the survey.
 The Wealth Report 2022, Knight Frank https://www.knightfrank.com/siteassets/databank/the-wealth-report-2022-wealth-sizing-model.pdf