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Tag: HSBC

  • HSBC Unveils New Direction for MENA Private Banking

    HSBC Unveils New Direction for MENA Private Banking

    HSBC Global Private Banking continues to strengthen its position across the region, serving customers with excellence throughout Europe and the Middle East…reports Asian Lite News

    HSBC announces the appointment of Aladdin Hangari as Head of Global Private Banking Middle East & North Africa (MENA), succeeding Sobhi Tabbara who has announced his departure from HSBC with effect from January 2024 to pursue opportunities beyond the bank.

    Sobhi has led HSBC Global Private Banking in the MENA region since 2012, driving the expansion of its Ultra-High-Net-Worth (UHNW) coverage in key markets, including Saudi Arabia, the UAE, Qatar, Kuwait and Bahrain. To ensure a seamless transition, Sobhi and Aladdin will serve as co-Heads of MENA until January.

    Aladdin joins HSBC from Credit Suisse, where he spent 20 years, most recently as CEO of Credit Suisse (Qatar LLC) and CEO of Aventicum Capital Management Holding AG. He will play a critical role in continuing HSBC Global Private Banking’s success across all countries of the Gulf Cooperation Council, building on the strong foundations laid by Sobhi which has seen the private bank establish a leading presence across the region, connecting clients to international opportunities.

    HSBC will also strengthen its coverage of Qatar with the appointment of Patrick D’Amico as Global Market Head of Qatar, joining from Credit Suisse. Christian Hiller, Thomas Schaad and Simon Aeschlimann are joining the Qatar team from Credit Suisse as Relationship Managers. They will be based in Switzerland and integrated with HSBC’s established Qatari desk based onshore in Qatar.

    To further strengthen its offer in Switzerland, HSBC announces the appointment of Kouroche Achtari as Market Head for International Switzerland, joining from Credit Suisse. This appointment sees HSBC enhancing its coverage for Swiss-based UHNW clients and family offices with an international footprint. Similarly, in Israel, the bank welcomes Roy Mironi to its ranks who joins from Deutsche Bank as its new Desk Head of Israel, reporting to Oren Ben Ishay, Market Head of Israel & Head of Tel Aviv Rep Office.

    HSBC Global Private Banking continues to strengthen its position across the region, serving customers with excellence throughout Europe and the Middle East. Over the past 12 months the bank has launched an onshore business in the UAE, an onshore advisory service in Kuwait, and strengthened its coverage of Saudi Arabia, Qatar, Israel, Italy, Northern Europe and Switzerland, complementing its existing regional teams serving individuals, families and entrepreneurs worldwide.

    Gabriel Castello, Regional Head of Global Private Banking EMEA and CEO of the Swiss Private Bank, said: “We are extremely pleased to welcome Aladdin and our new colleagues to our ranks, all of whom will be instrumental in continuing our exceptional client service, connecting clients to unique opportunities and tailor-made solutions worldwide. Further strengthening our service across Europe, the Middle East and Africa underlines HSBC’s extensive heritage and reaffirms our position as a leading private bank in the region.

    “I would also like to pay tribute to Sobhi’s remarkable achievements and thank him for his valuable contribution to HSBC during his 36 years with the bank, where his leadership and vision has been instrumental in building out our impressive portfolio across the Middle East and designing our compelling client offer. His dedication and service has been truly appreciated and we wish him all the best in his future endeavours.”

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  • HSBC fined $85 mn for anti-money laundering failings

    HSBC fined $85 mn for anti-money laundering failings

    HSBC did not dispute the findings, resulting in its penalty being reduced from 91 million pounds, the regulator said…reports Asian Lite News.

    HSBC has been fined 64 million pounds by British regulators for failings in its anti-money laundering processes spanning eight years.

    The Financial Conduct Authority (FCA) said it had found that three key parts of HSBC’s transaction monitoring systems in Britain showed serious weaknesses over a period from March 31, 2010 to March 31, 2018.

    The fine comes amid a renewed crackdown by the regulator on money laundering failures.

    On Monday, HSBC’s domestic rival NatWest was fined 265 million pounds by a British court for failing to prevent the laundering of nearly 400 million pounds, some of it deposited at a branch in bin bags.

    The FCA said HSBC had made a string of failings, including inadequate monitoring of money laundering and terrorist financing scenarios until 2014, and poor risk assessment of “new scenarios” after 2016.

    The bank was also found to have had inappropriate testing and did not check the accuracy and completeness of data in monitoring systems.

    Among the shortcomings identified – which were specific to the UK – the bank failed to spot suspicious activity on the account of a construction director who also played a leading role in a criminal gang trying to steal millions of pounds by setting up fake companies.

    HSBC also failed to detect a customer imprisoned for smuggling cigarettes into the UK and ordered to pay 1.2 million pounds by the HMRC tax office, where the bank missed “a sustained period of unusual activity,” the FCA said.

    “These failings are unacceptable and exposed the bank and community to avoidable risks, especially as the remediation took such a long time,” said Mark Steward, executive director at the FCA.

    HSBC did not dispute the findings, resulting in its penalty being reduced from 91 million pounds, the regulator said.

    “We are pleased to resolve this matter, which relates to HSBC’s legacy anti-money laundering systems and controls in the UK,” a HSBC spokesperson said in a statement.

    “HSBC is deeply committed to combating financial crime and protecting the integrity of the global financial system.”

    The bank has had to tighten up its money-laundering controls globally after a string of past scandals.

    In 2012 it had to pay a $1.9 billion fine to U.S. regulators for serving as a middleman for Mexican drug cartels, and was monitored for five years. The FCA said its fine did not relate to the U.S. action.

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