HSBC is preparing to inject substantial resources into its UAE operations over the next two to three years, marking its biggest local investment in more than two decades, CEO Selim Kervanci told Bloomberg.
The plan will focus on upgrading technology, physical infrastructure, and staffing, underscoring the bank’s long-term commitment to the region, Kervanci said. The UAE expansion forms part of a wider Middle East strategy, targeting corporate banking, investment banking, and wealth management, according to the nearly 30-year HSBC veteran.
The move comes as global banks, including Goldman Sachs and Citigroup, ramp up their local presence to access nearly $6 trillion in regional sovereign wealth and benefit from government efforts to attract multinational operations.
Kervanci made it clear that HSBC’s edge isn’t just money on the table – it’s boots on the ground. “We have big teams on the ground in key markets like Saudi Arabia and the United Arab Emirates,” he told Bloomberg. “We are not suitcase bankers out of London or New York.”
The bank is also seeing growing interest from Asian companies looking to expand into the Middle East, particularly in sectors such as infrastructure, logistics, technology, and renewable energy, he added.
