HSBC has established a division of its Corporate, Investment Banking and Markets business in Qatar. It is the first international bank to establish an investment banking presence in the State of Qatar.
The division is headed by Kapil Chadda, Director of Investment Banking, who has recently been recruited by HSBC from Bank of America in London. Mr Chadda will lead a small team to focus on key investment banking opportunities in Qatar.
HSBC’s Corporate, Investment Banking and Markets division (CIBM) offers a full range of wholesale advisory, debt finance, project finance, risk management, treasury and capital markets, investment, Islamic finance, custody and commercial banking services to large companies, institutions and governments in the Middle East. As part of one of the largest businesses of its kind in the world and with the benefit of the bank’s extensive regional coverage, CIBM fosters long-term relationships based on the Group’s unmatched international knowledge and local expertise. In recent years HSBC Bank Middle East Limited has invested heavily in strengthening the presence and capabilities of its CIBM business in the Middle East. It now has over 100 dedicated professionals based in Dubai and around the region.
Kevin Smorthwaite, Chief Executive of HSBC Qatar, added: “The key industries that we wish to target are gas, oil and petrochemicals, as well as Qatar’s infrastructure, transportation and leisure and tourism which are all being rapidly developed. Our new team has already shown the benefit of having a local presence with the appointment of HSBC as Financial Advisor to Qatar Electricity and Water for the expansion of the generation.
"We are also now providing a financial solution for a flagship infrastructure project worth USD 440 million for the Qatar Foundation. We have a long standing commitment to this important regional market and I am delighted to welcome Kapil and his team to enable us to further develop our relationship with Qatar.”
Mukhtar Hussain, Joint Chief Executive of HSBC CIBM, said: “Qatar is currently experiencing the fastest growth of any economy in the world. With over USD100 billion of capital investment announced by the government, it is important for HSBC, who have been in Qatar for 50 years, to have the capabilities on the ground to enable it to participate fully in the major opportunities that are now coming on stream.”