HSBC is in advanced conversations to recruit a team of senior wealth managers in the Middle East of Credit Suisse, as it seeks to challenge its Gulf rival, according to two people familiar with the moves.
The loss of the executive president of Credit Suisse Qatar, Aladdin Hangary, and up to five members of his team would be a hard blow for UBS, which last month completed the acquisition of its Swiss rival and plans to build the private bank in the capital of the country. Acquistion de su rival suizo y plana construir el banco privado re másgión.
Hangari is about to reach an agreement with HSBC, although the deal is still not finalized, according to a person familiar with the matter.
UBS was interested in retaining the asset managers of Credit Suisse, especially in regions of high growth such as the Middle East and Asia-Pacific, but the stagnation of acquisition made rivals launch.
Hangari is the senior manager of Credit Suisse relations in Qatar, a country with close ties with the bank, with the Investment Authority of Qatar, one of its largest shareholders and with the most years of service. El Banco tiene 21 empleados que se enfocan en el país.
Credit Suisse also provided banking services to some of the richest citizens of the country, including the former prime minister and head of the Qatar Investment Authority, Sheikh Hamad bin Jassim Al Thani, whose son Sheikh Jassim bin Hamad Al Thani was member during much time of the board of Credit Suisse.
Sheikh Jassim is currently trying to buy the Manchester United football club in a prolonged bidding war with the founder of Ineos, Jim Ratcliffe.
Credit Suisse and HSBC Negotiator and Commentary.
Another Credit Suisse executive who has developed close ties with Qatar over the years was Eric Farville, who left the bank 18 months ago after being affected by the closing of a group of 10 investment funds. La firma financiera collapsesada Greensil Capital. Il jefe de gestion de activis del banco et isemo of the era of Farville.
Under the direction of Samir Assaf, Responsible Oriente Medio, HSBC has embarked on an expansion campaign aimed at the families and clients of the region.
In recent months, HSBC has appointed former Lombard-Odier bankers Mario Louis Benapad and Mathieu Brizon for their office in Saudi Arabia.
In addition to his position at Credit Suisse, Hangari is also interim executive director of Aventicum Capital Management, a joint boutique asset management company between Credit Suisse and Qatar Investment Authority, which has assets under management of approximately 1500 million dollars.
If he leaves, his replacement will be confirmed in the bank in the next two weeks once UBS announces the roles of up to 1,500 managers in the third level of the company’s structure, according to a person familiar with the topic.
HSBC has been present in Qatar since 1954. Together with other international banks, it was under pressure in the middle of 2017, when the neighbors of the gas-rich country, led by Saudi Arabia, imposed prohibitions on commercial activities in 2017 due to radical Islam.
El peso pesado financio regional, Saudi Arabia, ha pressionado a los bancos internationales para que reduzcan las relaciones con Doha y exacerben el boycott.
Saudi Arabia will lead the efforts to put an end to the isolation of Qatar in 2021. Since then, Doha has been the successful host of the FIFA World Cup last year and is expected to benefit from extraordinary financial gains in the form of natural gas exports. and Los Proximos Anos.
