By Babu Das Augustine for Gulf News
Global banking giant HSBC sees the UAE as central to its small and medium enterprises (SME) strategy following a strategic review of its commercial banking and business banking, Stuart Nivison, Global Head of Business Banking told Gulf News in an interview.
HSBC’s commercial banking business is segmented into three areas based on customer needs such as large corporate, middle market and business banking. Business banking focuses on SMEs or companies that have annual turnover up to $50 million (Dh184 million).
In the UAE, HSBC is focused largely on internationally oriented SMEs. “We are closely involved with firms doing international trade. We help them with protection and finance. Another segment we are involved is overseas companies coming into the UAE and a third category is the UAE companies that are expanding overseas. We help them to take the banking relationship to new markets where they want to expand,” said Nivison.
The bank has identified a number of separate but linked indicators that are showing surging positive sentiment among its clients in the UAE. One of them is the overall optimism in the country indicated by the sharp increase in the purchasing manager’s index (PMI).