HSBC has launched its fund administration services for the growing mutual funds sector in Bahrain. HSBC is the first international financial institution to offer both custody and fund administration services in Bahrain.
Bahrain is one of the largest centres in the Middle East for fund registration for Gulf Co-operation Council states. With the Bahrain Monetary Agency's sophisticated regulations governing mutual funds and the increasing number of new funds being registered by fund managers, HSBC is launching an Institutional Fund Services operation to meet the growing demand for fund administration services. These services including fund accounting and valuation, transfer agency and registrar services will complement the custody services already offered by HSBC, covering not only investments in Bahrain, but also in other Middle East and North Africa and international markets.
"Bahrain attracts mutual funds from all over the Middle East, and as the only international bank with a branch in Bahrain that can provide fund administration services for mutual funds registered in Bahrain, HSBC can assist fund managers by providing the full range of services they require," said David Jones, Acting Chief Executive Officer for HSBC Bahrain.
As a leading fund administration services provider in Asia, HSBC has been providing services to local and cross-border institutional clients for over 30 years. In the Middle East, HSBC also offers fund administration services in Saudi Arabia and Qatar.
"The launch of our Bahrain operation demonstrates our commitment to the growing Middle East region. HSBC is well placed to support the mutual funds sector in Bahrain. We will be able to draw on the expertise of our existing network to transfer best practice processing and systems to Bahrain," said Arindam Das, Senior Vice President, Middle East, HSBC Securities Services.
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Note to editors:
HSBC Institutional Fund Services
HSBC's Institutional Fund Services business operates in 12 markets in Asia and the Middle East and provides services to local and cross-border institutional clients.
HSBC Bank Middle East Limited
HSBC is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East Limited has 30 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, Jordan, Lebanon, and the Palestinian Autonomous Area, including an offshore banking unit in Bahrain. This extensive regional coverage is strengthened by another member of the HSBC Group HSBC Bank Egypt SAE, and by its associated companies, The Saudi British Bank and British Arab Commercial Bank Limited. In addition to its Middle Eastern network, the Bank has a representative office in Tehran, Iran.
HSBC Holdings plc
HSBC Bank Middle East Limited has been a principal member of the HSBC Group since 1959. Serving over 125 million customers worldwide, the HSBC Group has around 9,500 offices in 76 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$1,502 billion at 31 December 2005, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.
Media enquiries to Dina Kotby,
Press and Communications Executive,
HSBC Bank Middle East Limited on
tel 3906634 or
email: dinakotby@hsbc.com
© Press Release 2006
