HSBC’s Custody and Clearing launches sub-custody services in Kuwait
HSBC’s Custody and Clearing has launched a sub-custody and securities clearing operation in Kuwait. HSBC now provides sub-custody and clearing services in 10 markets in the Middle East and 35 markets globally.
With the growing interest from foreign investors in Kuwait, HSBC’s Custody and Clearing will provide the full range of sub-custody and securities clearing services including settlement, safekeeping and corporate actions to institutional investors.
“We now operate in all six Gulf Co-operation Council (GCC) countries, which will enable investors to have one service provider for all their GCC investments,” said Omar Iskandarani, HSBC’s Manager Custody and Clearing in Kuwait.
HSBC has been providing sub-custody services in the Middle East for over 10 years, and is still the only international bank to do so. HSBC’s Middle East sub-custody network includes Bahrain, Egypt, Jordan, Lebanon, Oman, Palestinian Autonomous Area, Qatar, Saudi Arabia and the United Arab Emirates, and now Kuwait.
“HSBC’s extensive experience and history in the region enables us to provide local knowledge and expertise to support our clients’ operations in this emerging growth market in the Middle East,” said Nick Bryan, Head of HSBC Securities Services, Asia-Pacific, Middle East and Latin America.
HSBC Bank Middle East opened a branch in Kuwait at the beginning of October after an absence of more than thirty years, and was the first foreign bank to do so following the relaxation of Kuwait’s banking laws.
“Our commitment to extend our sub-custody services into Kuwait emphasises the importance of the Middle East region to HSBC. It also ensures that our clients will benefit from consistent service and our global systems expertise as well as the best practices of the 35 markets in our award winning global sub-custody and clearing network,” said Bryan.