HSBC to establish international investment bank in Saudi Arabia
The HSBC group seeks to set up an international investment bank in the oil-rich Saudi Kingdom early next year to finance giant infrastructure projects, especially in the water and electricity sectors.
The London-based international banking group has applied for a license to establish the bank, Sir David Gore-Booth, a former British ambassador to Riyadh and key adviser to the bank, told an investment conference in the British capital.
Riyadh has this year given the go-ahead for majority foreign ownership of investment banks.
"HSBC has applied for a license to set up the venture and hopes to start the ball rolling by early next year," Gore-Booth told Saudi and British businessmen.
"The plan is to take advantage of this opening, to establish a capability to provide project finance in a market where the need for such finance is growing exponentially," Gore-Booth said.
"The new bank will focus on financing giant projects in Saudi Arabia, especially infrastructure projects in the water and electricity sectors," the Saudi-based Al-Eqtisadiah, quoted Gore-Booth as saying.
Meanwhile, HSBC has launched a US$1 million staff welfare fund to help the relatives of staffers who were bereaved or injured in the Istanbul attack. Three members of HSBC staff died in the blasts in Istanbul and a total of 43 were injured. (menareport.com)
© 2003 Mena Report (www.menareport.com)