Hsbc Wins Seven Euromoney Awards For Excellence
HSBC, and its affiliate Saudi British Bank (SABB), scooped seven awards at last night’s Euromoney Middle East awards, the most of any bank. Euromoney awards are recognised as one of the most prestigious international banking awards in the industry and are given to institutions that demonstrate leadership, innovation, and momentum in the markets in which they excel.
Simon Cooper, Deputy Chairman & Chief Executive Officer of HSBC Middle East & North Africa commented: “While this year has not been without its challenges, HSBC has remained open for business throughout and has maintained its commitment to the region: one that stretches back over half a century. The MENA region is a fundamental part of HSBC’s strategy and we continue to grow and invest in this significant Emerging Market. We would like to take this opportunity to thank our clients and dedicated staff. Without them, we could not have won these awards.”
Mohammad Al Tuwajiri, Head of Global Banking and Markets for MENA, HSBC added: “We are delighted to be able to pick up these important awards. Not only are these a testament to our regional ability, but they also demonstrate the breadth of our business in MENA. These awards are proof that we are the bank to arrange a client’s bond, or help them raise money with an IPO, but that we’re also the bank that can help them with their regular day-to-day business needs. So,
whether that’s their Cash Management or their ‘Flow’ business – their regular foreign exchange or risk management requirements that help them do their business – we are the bank to help.”
Earlier this year, HSBC was named “Best Research House – Economics” in the Middle East for the second year running by Euromoney magazine, and in October 2011, the IMF named HSBC Best Middle East Economics Research House in its 2011 Emerging Markets research awards.
Quotes from Euromoney editor, Clive Horwood:
Best Debt House in the Middle East
“This year, however, HSBC’s market share in DCM was almost three times as large as its nearest rival. This was largely down to success in the sukuk market in Saudi Arabia, which for the first time became the most important DCM issuing market in the region during the first quarter. The success of Saudi issuers in the first quarter was largely down to the kingdom’s first ever government guaranteed sukuk early in the first quarter.
The latter was from the General Authority for Civil Aviation (GACA). HSBC was the sole bookrunner. The GACA sukuk set an important new benchmark for sukuk from the kingdom but was followed by a string of other deals, also arranged by HSBC.
However, HSBC’s franchise outside Saudi Arabia is also strong. It was one of the bookrunners on Qatar’s $5 billion deal. It was also the only bank to have been involved in the last two consecutive issuances by the Dubai government. HSBC was also one of the banks behind the first offshore renminbi deal in the region, a CNH 1 billion deal for Dubai bank Emirates NBD.”
Best Flow House in the Middle East
“The award this year goes to HSBC, which has made big strides across the board. It traded more than QR 1.8 billion ($500m) of local Qatari government bonds during the 12-month awards period and carried out more than $35 billion worth of derivatives trades, of which almost a quarter were in local currencies.
The bank also took advantage of its on-the-ground presence when it launched a retail bond platform through its branches in the UAE, Bahrain and Qatar, giving access to the regional bonds market for both retail and high-net-worth customers.
In the area of Shariah-compliant finance, its sukuk distribution volumes more than doubled over the past year from $2.7 billion to $5.5 billion, and it launched an Islamic Certificates Program, providing access to shariah-compliant reference assets or rates for investors.”
Best Cash Management House in the Middle East
“When it comes to cash management in the Middle East, one bank consistently outperforms its rivals. HSBC topped the polls for regional transactions in euro, dollar, sterling and yen in the 2011 Euromoney Cash Management survey. It was also voted the best in the global survey too.
Over the past year it has been consolidating its position in the market. During the 12-month award period, HSBC won 1,422 new deals with a combined value of more than $60 million and also launching renminbi services in the UAE in July 2011. It now has some 10,322 actively managed cash-management clients in the Middle East and North Africa region.”
Best Equity House in the Middle East
“HSBC’s equity markets franchise looks even more resilient, printing a far higher number of deals than any other bank, as well a variety of types of deals in different geographies.
Among HSBC’s deals this year was the IPO United Electronics Company, in Saudi Arabia. It was also sole lead manager on the $110 million rights issue of Qatari conglomerate Mannai, funding Mannai’s 35% acquisition of UAE telecoms firm Axiom. It advised on DP World’s dual listing in London. It was also bookrunner on the $225 million rights issue for UAE-based but London-listed oil and gas firm, Lamprell, another acquisition financing.”
Best Project Finance House in the Middle East
“HSBC impresses slightly more for the breadth of its franchise, across geographies, skill sets, and project types and its involvement in almost all the key projects.
During the period, HSBC was advisor to the Muharraq waste water project in Bahrain, the first waster water PPP in Bahrain and closing at a difficult time for the country. In Abu Dhabi, it was financial advisor, mandated lead arranger and hedging bank to the Shuweihat S3 independent power project (IPP), HSBC’s ninth consecutive mandate for the Abu Dhabi Water and Electricity Authority (ADWEA).
In Saudi Arabia, HSBC was also hedging bank and mandated lead arranger on the Qurayyah IPP, as well as arranger, on the Ma’aden mining and aluminium project. In Qatar, HSBC was also arranger on the Barzan gas project, one of Euromoney’s deals of the year for 2011.”
