The HSBC group wants to establish an international investment bank in Saudi Arabia early next year to finance giant infrastructure projects, especially in the water and electricity sectors. Sir David Gore-Booth, a former British ambassador to Riyadh and key adviser to the bank, told an investment conference in London that the London-based international banking group has applied for a license to establish the bank.
Saudi Arabia has this year given the go-ahead for majority foreign ownership of investment banks. "HSBC has applied for a license to set up the venture and hopes to start the ball rolling by early next year," Gore-Booth told Saudi and British businessmen. "The plan is to take advantage of this opening, to establish a capability to provide project finance in a market where the need for such finance is growing exponentially," said Gore-Booth.
Source: SPA
