STRATEGY
UBS gets Saudi green light
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UBS has been given the go-ahead from the Capital Markets Authority
of Saudi Arabia to launch securities business activities,
strengthening its wealth management operations in the
country.
UBS Saudi Arabia is partnering with local experts and businesses,
including Mohammed Al Dhoheyan, previously CEO of the Development
and Management House for Investments, and MerchantBridge, an equity
house investing in the Middle East. Mohamed Sammakia is CEO of the
business, based in Riyadh.
PHILANTHROPY
3 in 4 will still give in downturn
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By GlobalDataWealthy clients hit by declines in their assets remain committed to
philanthropy, according to research.
Seventy-five percent of high net worth individuals interviewed as
part of a Barclays Wealth survey said they planned to maintain or
increase their philanthropic commitments. Twenty-six percent said
they had increased their giving in the last 18 months.
MARKETING
StanChart goes all out for Aussies
Standard Chartered has extended its Global Australian Executive
Programme private banking service to Europe and launched an
initiative aimed at professional sports people. The two programmes
were unveiled in London, promoted by Australian cricketer Steve
Waugh.
Its Australian expat service in Asia was introduced in July 2007
and now has 500 high net worth clients ($1 million in investable
assets). StanChart’s Global Sports Practice is targeting
professionals from the southern hemisphere, including Australians,
New Zealanders and South Africans.
REGULATION
HSBC, Credit Suisse lift bank secrecy
HSBC’s Swiss private bank and Credit Suisse have both asked clients
to let them release banking details to regulators in certain
countries.
HSBC sent a letter to clients several months ago, according to
Swiss daily Le Temps, warning customers that holding certain
foreign securities would involve the lifting of bank secrecy. It
warned specifically on China, India, Brazil and Greece. More
recently, Credit Suisse asked clients to let it release their
details to France’s financial regulator. It has given clients until
1 September to respond, or their French positions will be
sold.
