RIYADH, 11 June 2006 — HSBC Saudi Arabia has been named “Best Investment Bank in Saudi Arabia” by pre-eminent international finance magazine Euromoney.
The award was presented at the 2006 Euromoney Awards for Excellence Middle East held in association with QFC in Doha.
This is the first time that Euromoney has awarded an institution in this category.
The category has been introduced as Euromoney sees, for the first time, a true investment banking market emerge in the country with many more major transactions, both debt and equity, taking place.
“We are delighted by this important award as it clearly recognizes the value to our customers of SABB’s investment in this join venture with its largest share holder HSBC,” said John Coverdale, SABB’s managing director.
In awarding HSBC Saudi Arabia the award for Best Investment Bank in Saudi Arabia, Euromoney highlighted that, “HSBC is invariably the bank of choice when there is an extremely complex or ground breaking transaction that has to be implemented, including for example its appointment as lead manager for the first domestic sukuk in Saudi Arabia which will be issued for the industrial giant Saudi Basic Industries Corp. (SABIC).”
Euromoney was particularly impressed with HSBC’s breadth of coverage noting that “it leads the local banking sector in the breadth and depth of its offerings to the petrochemical, oil and gas, telecoms, power and financial sectors.”