HSBC set to increase staff, expand business in Saudi Arabia

London-listed HSBC Bank is planning to hire new staff and move some existing employees to its Saudi Arabian unit as the Kingdom is witnessing one of the biggest economic transformations worldwide, Georges Elhedery, HSBC's Middle East and North Africa chief executive, told Reuters on Tuesday.

The bank already has over 12,000 staff across the Middle East and North Africa.

HSBC was also expecting to expand its business after the Saudi stock market opens up to foreign investors, a move that would create openings for its research, sales, execution, front office and custody services, Elhedery added.

Opening up the Saudi stock market could attract between $15 billion and $20 billion in foreign capital and encourage citizens to save more, according to HSBC estimates.

Investment banks operating in Saudi Arabia currently have more investment opportunities, due to Saudi Vision 2030, he added.

In addition, the Kingdom’s ambitious privatization plans include raising $100 billion through floating a five percent stake in state-owned oil giant Saudi Aramco in Riyadh and in one or more overseas markets.

"The transformation is probably unprecedented in the region and has few historic precedents outside the region for that scale," Elhedery said.

In April, HSBC was mandated as one of the joint global coordinators for the Kingdom's $9 billion worth of international dollar-denominated sukuk.