Business

GDP rebound: HSBC eyes regional growth opportunities

HSBC has ambitious business plans in the Middle East, North Africa and Turkey (MENAT), where a rebound in GDP and international trade will position the region as one of the fastest growing in the world over the coming decade, an official of the bank has said.

As the nine markets in which the bank operates in the region bounce back from the impacts of the novel coro navirus (COVID-19) pandemic, HSBC expects economic growth and international trade in MENAT to outpace the global average. This will, in turn, create a raft of new opportunities across the bank’s customer spectrum.

“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,” said Martin Tricaud, HSBC Group CEO for MENAT and Deputy Chairperson of HSBC Bank Middle East Ltd.

He added: “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.”

The 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 Gross Domestic Product (GDP) expand by 34.7 per cent in aggregate by the end of 2025.

This will come as nations recover from the sharp downturn triggered by COVID-19, with trade growth likely to follow a similar path. Deputy Chairperson and CEO of HSBC Egypt, Todd Wilcox, said: “The investments we will make in Egypt this year will benefit customers across our portfolio, as they build back better from the economic effects of COVID-19, whether in connecting customers across the trade corridors in HSBC’s unrivalled global network, driving digital adoption for payments and transactions, satisfying international investor demand for exposure to Egyptian asset, or supporting government initiatives to deliver low-carbon, sustainable ways of doing business.”

The bank is putting special emphasis on investments in technology, particularly its market leading HSBCnet application for wholesale customers to help them digitize transactional foreign exchange flows and accelerate digital payments. The bank has undertaken enhancements to the range of services on its mobile platform for retail customers.

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