HSBC Re-Enforces The Importance Of MENA And China Trading Corridors

Abdulfattah Sharaf, Chief Executive Officer, HSBC Bank Middle East Limited, UAE said: " We are honoured to have His Excellency Sheikh Nahayan Mabarak Al-Nahayan here to support and speak at the HSBC MENA and  China   Forum . . Having  him  here underlines the ever growing importance of the trade corridor between the two regions. As both MENA and  China 's trade grows faster than the world average, there is no doubting the significant opportunities for businesses seeking to take advantage of this trading corridor in the coming years. "

Trade has been strong focus for HSBC regionally and globally. The Group aims to double its trade business in the medium term. HSBC MENA targets are in line with this.

Mr Sharaf added: " At HSBC, we actively promote and facilitate growth through cross border trade as companies increasingly seek to do business internationally. HSBC has been present in China for over 150 years, in the UAE for over 65 years and in the MENA region for 70 years. We believe we are exceptionally well positioned to focus on emerging and faster growing markets, ensuring our customers benefit from our global footprint, rich heritage and extensive expertise. "

Notes to editors:

HSBC in the MENA Region

HSBC is the largest and most widely represented international banking organisation in the Middle East and North Africa (MENA), with a presence in 14 countries across the region.  HSBC has operations in the United Arab Emirates, Egypt, Qatar, Oman, Bahrain, Kuwait, Jordan, Lebanon, Pakistan, Algeria and the Palestinian Autonomous Area. In Saudi Arabia, HSBC is a 40% shareholder of Saudi British Bank (SABB), and a 49% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. In Iraq, HSBC holds a majority shareholding in Dar Es Salaam Investment Bank. HSBC also maintains a representative office in Libya.

This presence, the widest reach of any bank in the region, comprises some 273 offices and around 12,000 employees. In the full year 2011, HSBC in the MENA region made a profit before tax of US $1,492 million.

SOURCE HSBC CMB

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