Middle East's best bank for transaction services 2019: HSBC
Awards for Excellence 2019
Dethroning last year’s winner Standard Chartered was no easy feat, but HSBC accomplished it through strong growth and a renewed commitment to the region, which is headed by Martin Tricaud, CEO for the Middle East, North Africa and Turkey.
Its Middle East transaction banking revenue went up 23% over the past year. The bank processed $407 billion of payments in 2018, and financed $43 billion of trade in the Middle East. It has an impressive 15,000 transaction banking clients across the region, serviced by 500 staff.
Its investment in digitization also helped migrate transactions online over the past year, with 40% of trade transactions submitted digitally, up 14% year on year.
Over the past year, HSBC helped the Ali Bin Ali Group, a Qatari retail and distribution company, save money by automating its treasury activities.
HSBC also provided a structured financing solution to the Egyptian General Petroleum Corporation, for $2 billion, to help reduce outstanding receivables to international oil companies, which supported Egypt’s economic reform programme and helped fulfil IMF obligations for debt reduction.