HSBC received four major awards last week at the annual Euromoney Awards function held in Dubai.
Georges Elhedery, HSBC’s recently appointed head (global markets, MENA) received the awards on behalf of the bank.“The Euromoney Awards are given to those institutions and individuals that demonstrate leadership, innovation, and momentum in the markets in which they excel,” HSBC said. The bank said: “The judges took into account both the breadth and depth of HSBC’s coverage in the region; not only HSBC’s league table positions but also its involvement with many of the market defining transactions of the year. In the debt markets, this included its work on the first issuance this year by a property company, and its work with the Government of Dubai on its first bond since the standstill announcement.” HSBC also picked up the regional cash management award for the third consecutive year. This award was not just for additional client wins, but for structural developments of the overall service – such as the introduction of a new ‘nostro-clearing product’ across 26 currencies, which aims to help centralise regional clearing and settlement. The publication said, “By a large margin, HSBC remained number one in the Middle East in Euromoney’s 2010 cash management poll, and continues to innovate in the region.” Mohamed al- Tuwaijri, head of global banking and markets, MENA, said: “The MENA region is a vital part of HSBC’s emerging markets strategy and these awards are an important acknowledgement of our abilities.”