HSBC to offer new securities clearing services
HSBC Middle East is the first bank in the UAE to provide foreign investors complete sub-custody and securities clearing services.
The services, aimed at global supervisors, brokers and issuers of American Depository Receipts (ADR), will include safe custody, receipt and delivery, cash and corporate action reporting, collection of dividends, and proxy and foreign exchange services, the Gulf News reported.
The bank's sub-custody and clearing sector, accounts for $225 billion worth of client assets under custody.
The UAE is among the eight countries in the Middle East to provide such services.
The sub-custody and clearing services of HSBC covers 26 markets within Asia-Pacific and the Middle East — the latter including Bahrain, Qatar, Jordan, Palestinian Authority, Lebanon, Oman and Egypt. — (Albawaba-MEBG)
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