Riyadh – Mubasher: HSBC is planning to expand in Saudi Arabia in line with the country’s economic transformation, Reuters reported, citing the bank’s MENA and North Africa CEO Georges Elhedery as saying.
“Opportunities for investment banks have increased tremendously due to Vision 2030, the reform programme launched by Crown Prince Mohammed bin Salman to diversify the economy and end its reliance on oil exports,” Reuters quoted Elhedery as saying.
“The London [stock exchange]-listed bank would hire some new staff and relocate some existing employees to the Kingdom from outside,” the agency added.
Thomson Reuters’ latest data revealed that HSBC is the first adviser for acquisitions and mergers processes in Saudi Arabia.
“The bank's Saudi presence will be further strengthened with a merger between Saudi British Bank (SABB) and fellow local lender Alawwal Bank,” the agency concluded.
