HSBC Saudi Arabia named Best Investment Bank

The award were presented at the 2006 Euromoney Awards for Excellence Middle East Dinner 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 more and more major transactions, both debt and equity, taking place.

"We are delighted by this important award as it clearly recognises 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 sukkuk in Saudi Arabia which will be issued for the industrial giant 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."