HSBC is working on ambitious growth plans in the Middle East, North Africa and Turkey (MENAT), where a faster recovery in economic growth and trading in the post-COVID era is expected in the coming years, said Martin Tricaud, the Group CEO of MENAT and Vice Chairman of HSBC Bank Middle East Ltd.
“HSBC has ambitious plans for growth in MENAT, which is positioned to be one of the fastest growing regions of the world over the coming decade,” revealed Tricaud.
“We are investing to support the needs of customers across the entire spectrum of our business, from the investment plans of governments, multinationals and fast-growing smaller companies in our wholesale banking portfolio, to the wealth management needs of the millions of customers in our personal banking portfolio.”
The International Monetary Fund forecasts that the economies of the nine markets in which the bank operates in the region will see the value of gross domestic product (GDP) expand by 34.7 per cent in aggregate by the end of 2025 as nations recover from the sharp downturn triggered by the COVID-19 pandemic. Trade growth could follow a similar path.
Tricaud also said that HSBC is putting special emphasis on investments in technology, particularly its market leading HSBCnet application for wholesale customers to help them digitize transactional foreign exchange flows and accelerate digital payments, and with enhancements to the range of services on its mobile platform for retail customers.
