The London-based HSBC $HSBA (-0,21 %) is expanding further into the Middle East with the establishment of a new wealth management business in the United Arab Emirates.
According to a statement, HSBC is launching a wealth management business in the UAE, with James Grist appointed as managing director of the new company.
At launch, 10 onshore funds will be introduced.
"With our investment in establishing an onshore wealth management business, we aim to capitalize on the significant and long-term wealth opportunities in the UAE," commented Dinesh Sharma, the bank's regional head of international wealth and private banking for the Middle East and Turkey.
The latest expansion is part of HSBC's wider growth strategy in the Middle East, which includes the opening of its first wealth center in the region last year in Dubai.