Arab Today, arab today gcc private banks unlikely to halt services to us clients
Last Updated : GMT 16:01:54
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

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*

Arab Today, arab today gcc private banks unlikely to halt services to us clients Arab Today, arab today gcc private banks unlikely to halt services to us clients

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Haifa Wahby bets on her new drama show

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 22:19 2017 Friday ,24 March

Reveals reasons of hepatitis in Algeria

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
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