HSBC’s Saudi Arabia Investment, Asset Management Heads ResignMatthew Martin and Stefania Bianchi
Abdulhadi Shahadah, Mazin Baghdadi leave the London-based bank
Internal candidate due to take over asset management role
Abdulhadi Shahadah, head of asset management for HSBC Holdings Plc in Saudi Arabia, and Mazin Baghdadi, head of investment management in the kingdom, resigned from the London-based bank.
An internal candidate has been identified to take over as the head of investment management, subject to regulatory approval, said a spokesman for HSBC Saudi Arabia Ltd. A new head of asset management will be announced shortly, he said.
HSBC’s assets under management for mutual funds in the public domain at the end of June was about $1.4 billion. The bank also offers discretionary portfolio-management services to wealthy individuals and corporate and institutional clients. In 2014, HSBC was blocked from taking in new funds at its Saudi asset-management business after local regulators found that it breached rules, people familiar with the matter told Bloomberg in April last year. That ban was lifted in July 2015.
HSBC holds a 40 percent stake in Saudi British Bank and a 49 percent share in HSBC Saudi Arabia. The bank last month named Georges Elhedery chief executive officer for the Middle East and North Africa, replacing Mohammad Al Tuwaijri who joined the Saudi Arabian government as deputy minister of economy and planning in May.