New Delhi, Nov 1 (UNI) Kashmiri Banker Irfan Muzammil has been appointed head of the Middle East Operations of the Hongkong and Shanghai Banking Corporation Limited (HSBC).
Official sources said here today that Mr Muzammil, who was the Director, Investment Services of the HSBC, had been promoted as the Chief Executive Officer (CEO) of the HSBC Middle East Securities. Mr Neil Foster, Regional Head of Global Markets, will be the Chairman, the officials said.
Mr Muzammil, who is the son of Union Water Resources Minister Saif-ud-Din Soz, has been working with the HSBC since 2005 as Director of its investment services in the Middle East.
He was also a front-runner for the post of Chairman of the Jammu and Kashmir Bank.
The newly-launched UAE based HSBC Middle East Securities is slated to offer domestic market brokerage service to both institutional and retail investors in the Middle East.
The sources said the HSBC has become the first global bank to trade securities in the UAE's exchanges.
The HSBC is the fourth largest corporation in the world in terms of assets. As of December 31, 2006, it had assets valued at 1.861 trillion Dollars.