JOSEPHINE’S STORY

Josephine lives by herself nearby, in a run-down ground-floor flat in Achrafieh which is in the worst possible condition: no water, no electricity, no heat, no window-panes, and the unpleasant smell of the filthy apartment greets your senses before you even step inside....

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Beirut will rise again!
*Participate in the reconstruction of Beirut homes with BASSMA!*

 

After the tragic explosion in Beirut, hundred thousands of persons are left homeless.

 

BASSMA commits once again to stand next to Lebanese families through the House Renovation Program,
By helping rebuild their homes and cover their basic needs.

 

FOR YOUR DONATION: CLICK HERE

 

We rely on a dedicated team of volunteers and count on your generous donations to renovate damaged houses.

 

Together we can draw back smiles on people’s faces and restore their dignity.

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HSBC cuts back in Lebanon, Jordan, Bahrain
02. Sep 2013

Source: www.dailystar.com.lb

Author: Dinesh Nair

 

DUBAI: HSBC Holdings will stop offering wealth management products in Bahrain, Jordan and Lebanon as the British lender continues to exit small or insufficiently profitable operations globally as part of a strategic review, the bank said. HSBC, Europe's biggest bank, has cut its retail banking business in some Middle Eastern nations, including the three nations affected in the latest move, and merged its operations in Oman with a local bank as part of a three-year global restructuring instigated by Chief Executive Stuart Gulliver.

 

The worldwide move, which has seen the bank exit or sell 54 businesses to help improve profitability, has also seen it scale back its Islamic and private banking operations.

 

"HSBC's global strategy for retail banking and wealth management is to offer and grow the wealth business in markets where we can achieve scale," the bank said in a statement issued to Reuters Sunday.

 

"After a detailed review of our MENA business, we will discontinue sales of any new wealth investment or wealth insurance products in Lebanon, Jordan and Bahrain from Oct. 7, 2013."

 

Existing customers will continue to receive basic services and their wealth management-related investments will be maintained until maturity, the lender said, adding the decision has not prompted job losses.

 

The lender, one of the largest international banks in the region with a presence in 14 Middle Eastern countries, has informed employees about the decision internally and those affected will be absorbed by other teams within HSBC's retail and wealth management division, one banking source said, asking not to be identified as the matter is not public.

 

HSBC's wealth management operations fall under its retail and wealth management division. It operates a private banking business separately.

 

Global wealth managers have flocked to the Gulf Arab region in recent years, lured by its rich energy and commodity reserves, relatively higher economic growth and rising population.

 

Wealthy individuals in the Middle East and Africa saw the value of their assets rise 9.1 percent to $4.8 trillion in 2012, a study by the Boston Consulting Group showed in June, as strong economies and rising equity markets fuelled regional growth.

 

However, competition in the sector has intensified in recent years with about 30 wealth and private banking firms seeking to attract clients from the region and leading to shrinking fees.

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