"At HSBC, we recognise the importance of providing our customers with ease of access and convenience to a range of services that help them achieve their retail banking, and wealth needs. This new product offering will add to the extended suite of Retail Banking and Wealth Management solutions the bank already offers to enhance its customer experience and meet the needs of the Middle East's growing segment of affluent individuals. HSBC's RMB deposit products also present an opportunity for its customers to diversify their currency holdings and investment portfolios."
In addition to the added benefits that are available with the new product offerings, customers can also benefit from HSBC's flagship Global View Global Transfer platform, which allows them to transfer money to another RMB account within or outside the UAE through instant cross border wires thereby reducing foreign exchange and currency fluctuation costs.
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 295 offices and around 12,000 employees. In the three quarters of the year ending on 30 September 2012, HSBC in the MENA region made a profit before tax of US$1,048m. SOURCE HSBC