HSBC opens new private banking business in UAE. Credit: Kit Suman on Unsplash.

HSBC has strengthened its private banking business in the United Arab Emirates (UAE) to pool of high net worth (HN) investors in the country continues to grow.

HSBC Bank Middle East Global Private Banking will target clients with investable assets of more than $2m.

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Customers of the branch will gain access to HSBC’s mobile-first offerings under various customised international banking, investment products and services.

They will also obtain lifestyle solutions from Ten Lifestyle Group, a concierge service provider.

HSBC UAE CEO and head of International, HSBC Bank Middle East Abdulfattah Sharaf said: “Opening a new branch of our private bank in the UAE adds an important location to HSBC’s global network of international wealth management hubs, giving the growing number of UAE-based millionaires more choice about where their assets are held, and enabling our bankers to support our clients to manage and diversify their portfolios.”

HSBC currently runs 11 private wealth centres across the globe, with branches in Switzerland, Singapore, the UK, Luxembourg, Guernsey, Hong Kong and the US.

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A report from Knight Frank revealed that the number of HNW individuals with over $1m investable asset in the UAE is expected to grow by 39% by 2026 to over 228,000 people from 163,000 last year.

UAE’s ultra-high net worth population having assets over $30m is estimated to increase by 21% during the same period. Last week, HSBC Global Private Banking opened two new offices in Chengdu and Hangzhou to bolster its presence in China’s western region.