HSBC chief executive has re-affirmed the bank’s confidence in the economic outlook of Gulf nations, as the Middle East faces uncertainty following the recent outbreak of conflict involving the US, Israel, and Iran, reported Reuters.
Georges Elhedery said that HSBC’s “conviction in the GCC’s (Gulf Cooperation Council) fundamentals and its future is unchanged”.
These remarks are among the first made by a global banking executive since the escalation of hostilities in the region.
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In a statement, Elhedery said: “HSBC remains steadfast in our confidence in the GCC and in the long-term strength, resilience and promise of the region.
“We continue to believe that the years ahead will bring renewed stability, growth, and prosperity.”
The bank has increased its activities in Gulf markets in recent years, identifying the area as significant to its broader strategy of benefiting from cross-border deal and capital flows.
Speaking on 25 February during a call with investors, Elhedery noted that the “Asia-Middle East corridor is becoming a defining axis of global growth,” naming the UAE as one of several markets key to HSBC’s ambitions to expand wealth management revenues.
Over the past ten days, Iranian missile and drone attacks have struck multiple GCC countries such as Bahrain, Kuwait, Saudi Arabia, Qatar, Oman, and the UAE.
In response to security concerns, US financial majors such as JPMorgan, Citigroup, and Goldman Sachs have advised their Middle East staff to work remotely.
When approached for comment by Retail Banker International regarding workforce security, HSBC said: “The safety and security of colleagues and customers remain our top priority. We are following government guidelines for working arrangements in affected countries and have plans in place to maintain our usual services for our customers. We continue to monitor events closely.”
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