HSBC Recruits Six Credit Suisse Bankers in Global Wealth Push

(Bloomberg) — HSBC Holdings Plc hired half-a-dozen private bankers from Credit Suisse to build out its services targeting wealthy families across oil-rich Middle East as well as Europe.

The British lender named Aladdin Hangari, previously one of Credit Suisse’s top wealth-management executives for Qatar, as head of global private banking for the Middle East and North Africa, according to a statement Monday, confirming an earlier Bloomberg News report. Hangari is replacing Sobhi Tabbara, who is stepping back from January 2024 to pursue other opportunities.

HSBC also named former Credit Suisse executive Patrick D’Amico as global market head for Qatar, and hired Christian Hiller, Thomas Schaad and Simon Aeschlimann as relationship managers on the team. Kouroche Achtari is coming from Credit Suisse to help lead coverage of wealthy Swiss individuals and family offices with global activities. Separately, Roy Mironi is joining from Deutsche Bank AG for the London-based firm’s wealth coverage in Israel.

“We are extremely pleased to welcome Aladdin and our new colleagues to our ranks,” said Gabriel Castello, HSBC’s regional head of global private banking for Europe, the Middle East and Africa. “I would also like to pay tribute to Sobhi’s remarkable achievements and thank him for his valuable contribution to HSBC during his 36 years with the bank.”

HSBC is among a number of global banks building out their wealth-management operations as way to compensate for the more volatile earnings derived from dealmaking and trading. The lender returned to India this year and last year expanded its presence in other parts of Asia as well as the Middle East, which has emerged as a key battle ground for global wealth managers.

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