HSBC looks at regional expansion paths as MENAT economy rebounds

British multinational investment bank HSBC has huge expansion plans for the Middle East, North Africa and Turkey (MENAT) as a rebound in GDP and increasing international trade will place the region as one of the fastest-growing in the world.

When the nine markets in which the bank operates in the MENAT revive from the impact of the COVID-19, HSBC estimates economic growth and international trade in the region to surpass the global average and create new opportunities across the bank’s customer spectrum.

The global financial institution, International Monetary Fund (IMF) forecasts that the economies of the nine markets in which the bank operates in the region will see the value of GDP rise by 34.7 percent by the end of 2025 as nations get back from the pandemic hit.

“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. 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.”

Abdul Hakeem Mostafawi, CEO of HSBC Qatar states that, “We are experiencing a sense of optimism for growth in Qatar. All indicators suggest that the economic outlook is positive, boosted by the ongoing investment in the country’s infrastructure and economic diversification driven by an expected boom in the services sector ahead of the FIFA 2022 World Cup.”

Currently, the bank is focusing on investments in technology especially in its market-leading HSBCnet application for wholesale customers to aid them to digitize transactional foreign exchange flows and to hasten digital payments with enhancements to the range of services on its mobile platform for retail customers.

HSBC is also improving its capabilities for financing and structuring complex solutions for corporate transactions to help business customers as they invest and expand. The bank is also planning a launch of a new advisory service for sovereign wealth funds to reinforce its market-leading capabilities in sustainable finance and trade.

“MENAT is a dynamic, entrepreneurial region and a return to solid growth for GDP and trade will provide a host of long term, strategic, sustainable growth opportunities for our customers across the nine markets we serve in the region and we are ready to support them as they build back better from the impact of COVID-19,” Martin added.