HSBC, a British multinational universal bank and financial services holding company, has expanded its markets and securities services business in the Abu Dhabi Global Market (ADGM), obtaining an arranging custody license for its key sovereign, institutional and investment manager clients.
The expansion connects customers to a custodian network in 96 global markets and offers a leading digital platform for securities services activities, providing institutional clients with global custody services.
Custody services, which include the safekeeping and servicing of securities and other financial assets on behalf of clients, support the risk management needs of asset owners and investment managers while facilitating cross-border financial flows.
Abdulfattah Sharaf CEO – HSBC UAE
“HSBC is investing in its wealth management capabilities across all customer segments, from sovereign and institutional clients, to family offices and ultra-high-net-worth individuals, through to investment managers and retail customers. Our new presence in ADGM complements HSBC’s existing securities services presence across the region and around the world.”
“The UAE’s position as a hub of financial market activity is clear from the past year’s boom in IPO listings across the country, so it is more important than ever for HSBC’s Global Custody business to be on-the-ground, connecting directly with customers in the nation’s capital. This expansion responds clearly to the needs of our clients and further extends our ability to connect international investors, sovereign and institutional investment managers from Abu Dhabi, to capital markets around the world,” said Mr. Nabeel Abdul Rahim Albloushi, head of corporate sales MENAT, and head of markets and securities services in the UAE, HSBC.
