Leading British banking and financial services firm HSBC bagged as much as five distinguished honors at the 2021 Euromoney Middle East Awards for Excellence which included the Middle East’s Best Bank for Sustainable Finance and the Middle East’s Best Bank for Transaction Services.
The bank was also recognized as the Best Investment Bank in Egypt, Oman and Kuwait. HSBC has been winning Euromoney’s Sustainable Finance and Transaction Services awards in the Middle East for each of the last three years, reflecting the strategic importance of sustainability, trade finance and cash management to the bank and its customers.
Sharing his view on being bestowed with the honors, Mr. Stephen Moss, HSBC Regional CEO for the Middle East, North Africa and Turkey (MENAT), observed that, “Global leadership in cross-border banking flows aligned to major trade and capital corridors and helping lead the transition to a global net-zero economy are key pillars of the HSBC Group’s strategy. Being recognized as the Middle East’s best bank in both of these critical areas is a true reflection of our commitment to being the preferred international banking partner for clients.”
Expansion on the Horizon
86 percent of the companies surveyed in the Middle East by HSBC as part of its Navigator 2020 report expect to expand international trade in the coming 12-18 months, compared to 72 percent globally.
HSBC’s Navigator 2020 report also revealed that almost all (98 percent) organizations in the Middle East believe that increasing environmental, ethical and sustainable investments can increase growth opportunities, compared to the global average of 90 percent.
Earlier in June, HSBC has launched a $5 billion growth initiative to help UAE businesses with their global expansion plans. The bank is committed to aligning its financed emissions, the carbon emissions of its portfolio of customers, to meet the Paris Agreement goal and attain net-zero by 2050 or sooner.
The bank also aims to be net-zero in its operations and supply chain by 2030.