The Corporate, Investment Banking and Markets (CIBM) division of HSBC Bank Middle East Limited has appointed David E King as Managing Director, Business Development.
Mr King has spent many years in senior financial services positions in the United Kingdom and the Middle East. From 1989-2001 he was Chief Executive of the London Metal Exchange, and between 2003-2005 he was Managing Director, Supervision and later Acting Chief Executive of the Dubai Financial Services Authority.
Commenting on the appointment, Mukhtar Hussain, HSBC’s Co-Head of CIBM in the Middle East and North Africa, said “David brings a wealth of experience to HSBC, drawn most recently from his role in the DFSA, the independent regulatory agency established to underpin the ground-breaking Dubai International Financial Centre initiative. His appointment clearly demonstrates our continuing commitment to growing our capabilities on the ground in this dynamic region.”
Mr King added “I am very excited to be joining HSBC as the Bank continues to build rapidly on its already substantial achievements in the Middle East. Dubai provides us with an ideal platform from which to serve our regional public and private sector clients, and our extensive regional reach provides a robust infrastructure enabling the Bank to meet all the needs of its clients.”
1. David E King
After qualifying as an accountant, David E King spent a number of years working in senior financial positions in the United Kingdom and the Middle East. Between 1989 and 2001 he was Chief Executive of the London Metal Exchange, based in the City of London.. Under his stewardship, the Exchange increased its turnover tenfold, and its global market share to 90 percent.
Mr King was also a Director of the London Clearing House and the Futures and Options Association, both of which he helped to restructure, and was a member of the Bank of England City Euro Group.
Between 2003 and 2005 he managed the Dubai Financial Services Authority, the statutory financial services regulator of the Dubai International Financial Centre, initially as Managing Director , Supervision, and more recently as Acting Chief Executive. In this role he oversaw implementation of all the statutory and regulatory steps necessary to create the DIFC including the making of all the necessary DIFC laws and the creation of a comprehensive financial services rulebook.
2. Corporate, Investment Banking and Markets
With a presence dating back over 50 years in many countries of the region, where in some instances it was the first bank, HSBC is a long-term and trusted strategic financial partner and adviser to corporations, institutions and governments. Today, through its regional network and dedicated professional staff HSBC offers a full range of advisory, financing, risk management, foreign exchange, fixed income, transaction banking and commercial banking services.
Reflecting its deep and wide ranging relationships in the region, HSBC again topped league tables compiled by the Middle East Economic Digest in March 2005, including 'Best Bank in the GCC Project-Related and asset-Backed Market' and 'Best Financial Institution in Arranging Loans and Regional Bonds'. HSBC was also named 'Best Bank in the Middle East' by Euromoney magazine in 2003, 2004 and 2005 which also named HSBC 'Best Wholesale Islamic bank' and 'Best Islamic Private Bank' and HSBC/SABB "Best Equities House in Saudi Arabia" in 2005. HSBC was also named Best Foreign Bank in 2005 by The Banker Middle East.
3. HSBC Bank Middle East Limited
HSBC is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East Limited has 29 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Jordan, Lebanon, and the Palestinian Autonomous Area, including an offshore banking unit in Bahrain. This extensive regional coverage is strengthened by another member of the HSBC Group HSBC Bank Egypt SAE, and by its associated companies, The Saudi British Bank and British Arab Commercial Bank Limited. In addition to its Middle Eastern network, the Bank has a representative office in Tehran, Iran.
4. HSBC Group
HSBC Bank Middle East Limited has been a principal member of the HSBC Group since 1959. Serving over 110 million customers worldwide, the HSBC Group has approximately 9,700 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$1,467 billion as at 30 June 2005, HSBC is one of the world’s largest banking and financial services organisations. HSBC is marketed worldwide as ‘the world’s local bank’.
