HSBC is making a Mideast wealth push after hiring 100 bankers

HSBC is making a Mideast wealth push after hiring 100 bankers

The moves should help his unit boost client assets by around 60 per cent in the next 5 years, Hangari said. The division is the largest contributor to HSBC's Swiss private banking entity, which currently manages $85 billion in client assets.

"We are in all the key markets and we have a strong business," Hangari said in an interview. "There's a lot more we can do with existing clients, and there's more we can do in terms of attracting new clients."

HSBC is known for its wealth prowess across Asia, but it's long lagged Swiss rivals like UBS Group AG in the Middle East. Hangari brings some of that know-how to HSBC after previously spending 20 years at Credit Suisse, where he was most recently one of the bank's top wealth-management executives for Qatar and the key relationship manager for the Qatari royal family.

Along with Hangari, HSBC added several other key hires from Credit Suisse last year, including bankers that will expand the lender's coverage in countries including Qatar, Kuwait and Saudi Arabia.

"There is definitely a strong demand for talent and especially the top performers," Hangari said. "There is an opportunity for us to grow everywhere, but obviously