HSBC named ‘Best at Cash Management’ in the Middle East
HSBC has been named 'Best at Cash Management in the Middle East' in the annual awards for excellence, published by Euromoney magazine. HSBC was recognized for its achievements in pioneering innovative electronic cash management solutions in the region through its Hexagon electronic banking platform, according to a company press release.
With the largest cash-management operation in the Middle East, HSBC supports more local and multinational clients than any other bank. With a regional office in Dubai acting as the single point of contact for all regional relationships and in-country support teams, HSBC's dedicated relationship and client services teams offer payments and cash management solutions for multinational and corporate companies.
HSBC’s services include Account Management, Liquidity Management, Transaction Management, Trade Services, Global Electronic Banking and Shared Service Centres.
Rick Pudner, head of Corporate and Institutional Banking for HSBC Bank Middle East, commented: “In the past year we have extended our dedicated teams around the region to market an even wider range of services to our customers, which we believe will further reinforce our leading role in the provision of cash management services.”
HSBC announced in its interim results for the first half of 2002 that it had increased the number of new cash management mandates in the Middle East by 50 percent over the first half of 2001. Moreover the number of HSBC's corporate customers in the region using Hexagon, its elecronic cash management platform, increased by 21 percent.
HSBC Bank Middle East is the largest and most widely represented international bank in the Middle East with 30 branches throughout the United Arab Emirates (UAE), Oman, Bahrain, Qatar, Jordan, Lebanon, and the Palestinian Autonomous Area, including an offshore banking unit in Bahrain.
Regional coverage is strengthened by another member of the HSBC Group HSBC Bank Egypt SAE, and by its associated companies, The Saudi British Bank and British Arab Commercial Bank Limited. In addition to its Middle Eastern network, the Bank has a branch in London, UK and a representative office in Tehran, Iran.
HSBC Bank Middle East is a member of the HSBC Group which, with some 7,000 offices in 81 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa and $746 billion in assets as at June 30, 2002, is one of the world's largest banking and financial services organizations.
Euromoney magazine is published in the UK and read by in excess of 160,000 decision makers worldwide, specializing on trends in international banking and capital markets. Its monthly coverage includes developments in foreign exchange, securities trading, cash management, custody, payments and settlements. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
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