Vision 2030 Opportunities ‘Unprecedented in the Region’, HSBC Exec Says as Bank Plans Saudi Expansion

HSBC is planning to add staff to its Saudi Arabian operations as the kingdom embarks “on one of the biggest economic transformations attempted by any country,” the bank’s regional chief Georges Elhedery told Reuters, via the New York Times.

HSBC, which started as the Hong Kong and Shanghai Bank and is now based in London, is a multinational banking and financial services holding company.

Elhedery told Reuters that the opportunities within the Kingdom’s economic and social transformation are “unprecedented.”

“The transformation is probably unprecedented in the region and has few historic precedents outside the region for that scale,” Elhedery, who is HSBC’s Middle East and North Africa chief executive, said.

According to Reuters, HSBC, which already has over 12,000 staff across the Middle East and North Africa, had no plans to go on a mass recruiting exercise. However, the London-listed bank would hire some new staff and relocate some existing employees to the kingdom from outside, Elhedery told the news service.