HSBC Holdings is to significantly scale back its global Islamic banking operations, it said on Thursday, as part of a wider restructuring at the UK-based bank.
The bank will focus its Islamic finance business on customers in Malay
HSBC Holdings, the top arranger of debt issues in the Middle East so far this year, said it expects a flurry of bond offerings in the second half, including from prime sovereign-linked Abu Dhabi names yet to tap the market in 2012
HSBC Holdings has received formal regulatory approval to merge its business in Oman with local lender Oman International Bank, it said in a statement to the Muscat stock exchange on Sunday.
The combined entit
HSBC Holdings launched a 1 billion dirhams ($272.4 million) small and medium enterprises (SME) fund on Tuesday and said it sees loans to the sector in the UAE growing by 20 per cent this year.
The lender is b
A senior UK delegation, headed by Lord Green of Hurstpierpoint, Minister of State for Trade & Investment, visited Saudi Basic Industries Corporation (Sabic) headquarters in Riyadh.
The visitors were received by Sabic vice chairman and
HSBC Holdings named Paul Skelton as co-head of its global banking business for the Middle East North Africa (Mena) region, the lender said in a statement on Monday.
Skelton, who succeeds Tim Reid, was most recently deputy head of global ba
HSBC Holdings missed expectations with a $7 billion annual profit after bad debts rose and risked a public backlash by paying three investment bankers over 9 million pounds ($13.7 million) each.
Europe's biggest bank said on Monday tha
The current shift in global capital flows gives Dubai and the UAE an opportunity to strengthen its position as a global economic and financial hub, said Dr Omar Bin Sulaiman, Governor, Dubai International Financial Centre (DIFC).
Fitch Ratings, which on Tuesday affirmed HSBC Bank Middle East (HBME) an Long-term Issuer default (IDR) 'AA-' (AA minus), with a stable outlook said the global credit crunch and regional competition may impact the bank's revenue growth.
HSBC Holdings said it would close its US subprime mortgage unit, cutting 750 jobs and taking $945 million in charges and write-downs, because the business is no longer sustainable.
For London-based HSBC, which is under pressure from activi