PRESSR: HSBC Global Private Banking announces leadership changes in the MENA region and strengthens teams in Qatar, Israel and Switzerland

Geneva: HSBC Group announced the appointment of Aladdin Hungary as Head of Global Private Banking for the Middle East and North Africa region, taking over the position previously held by Sobhi Tabbara, who announced his departure from the HSBC Group in January 2024.

Sobhi has led the global private banking business in the MENA region since 2012 by leading the expansion of private banking coverage for ultra-high net worth (UHNW) clients in key markets, including Saudi Arabia, UAE, Qatar, Kuwait and Bahrain. . To ensure a smooth transition, both Sobhi and Alaa El-Din will work together as Co-Chairs of the Middle East and North Africa region until January.

Aladdin will join the HSBC Group from Credit Suisse, where he spent 20 years, and his last position there was as CEO of Credit Suisse Group (Qatar W.L.L.) as well as CEO of Aventicum Capital Management Holding Group. AG (Aventicum Capital Management Holding AG). Aladdin will play an important role in continuing the success of HSBC's global private banking services across the GCC, by focusing on the strong foundations laid by Sobhi that have seen HSBC strengthen its leading position in private banking across the region, and connect clients to international opportunities.

HSBC Group will also strengthen its coverage of clients in Qatar through the appointment of Patrick D'Amico as Global Market Head for Qatar, who will join the group from Credit Suisse. Christian Heller, Thomas Schad and Simon Eiklemann will also join the Qatar team from Credit Suisse as Relationship Managers. They will be based in Switzerland and will be integrated with HSBC's country office in Qatar.

To strengthen its strong business in Switzerland, HSBC Group announced the appointment of Kourosh Akhtari as Head of the International Business Market in Switzerland, who will join the group from Credit Suisse. This appointment sees HSBC strengthening its coverage of high net worth clients residing in Switzerland as well as family business clients with an international reach. Likewise, in Israel, the bank welcomed Roy Meroni to its ranks in the group from Deutsche Bank as head of the new office in Israel, and will report to Oren Ben-Ishai, market head for Israel and head of the representative office in Tel Aviv.

HSBC's global private banking business continues to grow in popularity across the region, serving clients with an outstanding experience across Europe and the Middle East. Over the past 12 months, the bank has launched a local private banking business in the UAE, local advisory services in Kuwait, and strengthened its coverage of clients in Saudi Arabia, Qatar, Israel, Italy, Northern Europe and Switzerland, complementing its existing regional teams serving clients from Individuals, family businesses and entrepreneurs around the world.

Gabriel Castillo, Regional Head of Global Private Banking for EMEA and CEO of Private Banking Switzerland, said: “We are very pleased to welcome Aladdin and our new colleagues to our ranks, who will all play an instrumental role in continuing to provide exceptional and differentiated services to customers, connecting customers to the world and to unique opportunities and solutions tailored to meet their needs and requirements around the world. Strengthening our presence and position across Europe, the Middle East and North Africa is a testament to HSBC’s position and long-standing legacy as a leading private banking bank in the region.

I would also like to pay tribute to Sobhi’s impressive achievements and thank him for his valuable contribution to strengthening the position of HSBC Bank during his 36-year tenure with the bank, where his leadership and vision played an essential role in strengthening our large customer base throughout the Middle East region and in designing our distinguished offers. For customers. His dedication and service have been greatly appreciated and we wish him all the best in his future endeavours.”

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About HSBC Global Private Banking

HSBC's global private banking services provide banking, investment and wealth management solutions to individual clients, family businesses, business owners, entrepreneurs and investors. Their ambitions and the decisions they make today can help shape the world of tomorrow and help our clients grow, manage and preserve their wealth, now and across future generations.

Through our international network and breadth of services, we connect clients with beneficial opportunities around the world. We also provide wealth planning and governance services to family businesses, while our philanthropy experts support clients in achieving their ambitions to have a positive impact on society. For more information, visit www.privatebanking.hsbc.com.

About HSBC Holdings Group

HSBC Holdings PLC, the parent company of HSBC Group and headquartered in London, serves customers worldwide in 62 countries and territories. With assets amounting to US$3,041 billion as of June 30, 2023, the HSBC Group is considered one of the largest banking and financial services institutions in the world.

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