Aarti Nagraj Wednesday 03 April 2019International lender HSBC has opened a branch in Abu Dhabi Global Market (ADGM), after being granted a licence by its Financial Services Regulatory Authority, it announced on Wednesday. In the year ending December 31, 2018, HSBC made a reported profit before tax of $1.5bn in the MENAT region. Late last year, a senior bank executive said he expected HSBC to more than double its profit within its commercial bank in the MENA region by 2023. “You have probably two of the biggest infrastructure programmes ever undertaken: the Middle East transformation programmes and the Belt and Road Initiative. Read: HSBC sees doubling of commercial bank’s MENA profit by 2023

Source: The North Africa Journal April 03, 2019 10:52 UTC