HSBC sets up investment banking office in Qatar

HSBC has established a division of its corporate, investment banking and markets business in Qatar.

According to a statement from the bank, HSBC is the first international bank to establish an investment banking presence in Qatar.

The division is headed by Kapil Chadda, director of investment banking, who has recently been recruited by HSBC from Bank of America in London. HSBC's corporate, investment banking and markets (CIBM) division offers a full range of wholesale advisory, debt finance, project finance, risk management, treasury and capital markets, investment, Islamic finance, custody and commercial banking services to large companies, institutions and governments in the Middle East.

The CIBM division fosters long-term relationships based on the group's international knowledge and local expertise. In recent years HSBC Middle East has invested heavily in strengthening the presence and capabilities of its CIBM business in the Middle East.

It now has over 100 dedicated professionals based in Dubai and around the region.

"The key industries that we wish to target are gas, oil and petrochemicals, as well as Qatar's infrastructure, transportation and leisure and tourism which are developing rapidly. Our new team has already shown the benefit of having a local presence with the appointment of HSBC as financial advisor to Qatar Electricity and Water for the expansion of the generation capacity of the Ras Abu Fontas facility," said Kevin Smorthwaite, chief executive officer of HSBC Qatar.