HSBC consolidates market leadership in Middle East Securities Services


24 Oct 2008

HSBC Securities Services (HSS) has announced three senior appointments in the Middle East:

Jayant Rikhye becomes Head of HSBC Securities Services Middle East and North Africa, responsible for all the Bank's HSS business lines. Jayant was previously Deputy Global Head of Institutional Fund Services and Head of Institutional Fund Services, Asia-Pacific, having joined HSBC in India in 1989.

Arindam Das becomes Deputy Head of HSBC Securities Services Middle East and North Africa. Arindam also has specific responsibility for the Custody business in the region and joined HSBC in India in 1996.

Glyn Gibbs is now Head of Business Development, HSBC Securities Services Middle East and North Africa. Glyn was previously working in Global Banking in London.

"HSBC Securities Services has long regarded the Middle East and North Africa region as a critical part of its global client proposition," said Tim Howell, Global Head of HSBC Securities Services. "Strengthening my senior management team at this time puts us in an excellent position to address the challenges and opportunities intrinsic in such a dynamic environment and a fast growing business."

Securities servicing covers the full range of activities around the administration and safekeeping of securities for investors. HSBC acts on behalf of local and international investors, institutions, money managers and funds, providing custody, sub-custody, servicing and administration across the region.

HSBC has the largest securities services operation in the Middle East, active on 11 of the region's stock exchanges. For many international investors looking at the region, the presence of a world-class custodian gives a level of comfort and reassurance that enables them to invest in Middle Eastern securities.

For the funds industry, the benefits of having a world-class administrator are well-documented: it can add to the fund performance and reduce costs of an investment operation.

Commenting on the Middle East business, Jayant Rikhye said: "The securities servicing industry is critical to any market, and in a developing region that is beginning to open to international investors, it is of paramount importance: it is no exaggeration to say that without a strong custodian, investors will stay away from a market. But it is also a function that usually stays below the radar – HSBC Securities Services takes on the back office and administration work, leaving fund managers and investors free to do what they do best."

HSBC Securities Services is one of the largest securities services providers in the world. Operating in 50 countries and territories, and providing a full range of securities services, including global custody, fund administration, corporate trust and loan agency, HSS had more than USD5 trillion in assets under custody and USD3.3 trillion in assets under administration as of 30 June 2008.

Media enquiries:

Tim Harrison
Direct line: +971 4 509 3389

HSBC Bank Middle East Limited
HSBC is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East Limited has 36 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, Jordan, Lebanon and the Palestinian Autonomous Area, including an offshore banking unit in Bahrain. In addition to the branch network the Bank maintains representative offices in Tehran, Iran and Tripoli, Libya. This extensive regional coverage is strengthened by another member of the HSBC Group, HSBC Bank Egypt SAE, and by its associated companies, The Saudi British Bank, British Arab Commercial Bank Limited, and HSBC Saudi Arabia Limited.

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