gcc private banks unlikely to halt services to us clients
Last Updated : GMT 01:26:51
Arab Today, arab today
Arab Today, arab today

GCC private banks unlikely to halt services to US clients

Arab Today, arab today

Arab Today, arab today GCC private banks unlikely to halt services to US clients

Dubai - Arabstoday

Gulf-based private banks are unlikely to follow HSBC’s decision to withdraw their private banking services from US clients living abroad.HSBC Private Bank in July said it would no longer offer its wealth management services to American clients living outside of the US and said customers had 30 days to close their accounts.The move follows planned new rules which will force non-US financial institutions to disclose the details of wealthy US clients following a crack down on US tax evasion.Raj Madha, a MENA banking analyst at Dubai-based Rasmala Investment Bank said Gulf banks were unlikely to follow HSBC’s suit.“We don’t believe that the local banks offer the same kind of private banking service, and even if they did, they have very limited exposure to US clients. The more internationally-minded clients generally use a Swiss bank,” he said.The Middle East has become a target market for international private banks looking to grow their business while local lenders are also ramping up their private banking divisions. The number of dollar millionaires in the Middle East increased by 10.4 percent last year, representing 400,000 people sitting on a cash pile of $1.7 trillion, according to Merrill Lynch’s World Wealth Report 2011.UAE-based Emirates NBD and Mashreq Bank, who both offer private banking services, did not respond to emails from Arabian Business.“After a review of services that can be provided to US clients from locations outside of the US, we believe that US clients will be better served by our Private Banking teams in the United States,” HSBC said in an emailed statement.Financial institutions have until June 30, 2013, to reach agreements with the US Internal Revenue Service on cooperation.Several banks have already found themselves under the scrutiny of the US authorities. Credit Suisse in July confirmed it was the target of a US Department of Justice probe while rival UBS was forced to pay a $780m fine and hand over the information of around 5,000 secret accounts held by US citizens in 2009. from / Arabian Business News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

gcc private banks unlikely to halt services to us clients gcc private banks unlikely to halt services to us clients

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

gcc private banks unlikely to halt services to us clients gcc private banks unlikely to halt services to us clients

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Banyan Tree Phuket Takes Festive Season

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Top Democrat faces investigation

GMT 09:50 2017 Friday ,17 November

Top Democrat faces investigation
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Angola oil boss sacked by father's protege

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Urban, young and active?

GMT 11:01 2017 Thursday ,16 November

Urban, young and active?
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today Unloved vultures fight for their survival

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 09:23 2017 Wednesday ,15 November

Years melt away as Bening & Bell play unlikely lovers

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 13:40 2017 Monday ,13 November

Pollution spikes in Delhi amid warnings

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 10:55 2017 Thursday ,16 November

UN warns fuel running out

GMT 01:04 2017 Wednesday ,15 November

In Morocco, a blue tourist town

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday