HSBC named Best Sub-Custodian Bank in Middle East

In selecting HSBC, the magazine said: " HSBC is the only international bank providing custody
services in Saudi Arabia. It has been serving local investors in the kingdom since the market opened in 1984. In Bahrain and Lebanon, HSBC has been providing custody services since 1996, when those markets opened to non-resident investors. HSBC also has strong relationships with major market participants and regulators in Jordan. The bank serves some of the largest global custodians in Oman, Qatar and the United Arab Emirates."

Brian Telfer, Senior Vice President for HSBC's Custody and Clearing, said: "These outstanding results underline our position in the Middle East as the leading sub-custodian bank. We have the largest sub-custodian network in this region. Our consistent recognition in these awards and the rankings we have received over the years reflects our customers' satisfaction with our services. We will be working even harder to improve our results again in 2004."

"HSBC provides unrivalled sub-custody and clearing services to global custodians, fund managers and broker dealers worldwide. We are the leading industry player, responsible for the safekeeping of over US$350 billion in client assets," he added.