Requiao and director of HSBC in Dubai offer more partnerships with Parana State

international | miscellaneous | news report

Tuesday October 28, 2008 21:58

by Chico Chagas

Boustany said to the governor that HSBC has anticipated the crisis of subprime and prepared itself to confront it. "Back in December, 2006 we saw the first signs of crisis, and so we did a provision of 2 billion dollars for the the possible default of borrowers," explained the executive. Today, he says, the HSBC is the first first place in the ranking of large-capitalized banks, with 2.5 trillion dollars in assets.

Requião and Dubai Hsbc director

The governor Roberto Requiao was received here Tuesday (28) by the Chief Executive of HSBC in the UAE, Walid Boustany,at the bank's regional headquarters in Dubai. The two talked about the position of HSBC in the region and the opportunities for investment and business partnerships between Parana and Middle Eastern countries.

Boustany said to the governor that HSBC has anticipated the crisis of subprime and prepared itself to confront it. "Back in December, 2006 we saw the first signs of crisis, and so we did a provision of 2 billion dollars for the the possible default of borrowers," explained the executive. Today, he says, the HSBC is the first first place in the ranking of large-capitalized banks, with 2.5 trillion dollars in assets.

According Boustany, Latin America and the Middle East are two priority markets for HSBC. "The results of Latin America now represent 27% of the total results of the bank. Over the past two years, our policy has changed direction, going to focus on performance in emerging countries of Latin America, Asia and the Middle East, so that 60% of the profits before deduction of taxes is expected of them, "said.

The HSBC is in the Middle East since the end of the 19th century - today, the bank is more firmly planted in the region, with 240 agencies, 1.4 million customers, ten thousand employees and 84 billion dollars in assets. Only in Dubai, where the bank maintains its headquarters in the region, the HSBC rose 45% in recent years. In Brazil, the bank has 933 agencies - 143 in Parana -, 25,581 employees - 8.7 thousand in Parana - and 5.6 million customers. The Brazilian headquarters of HSBC is in Curitiba.

According Boustany, the UAE and neighboring countries are the epicenter of the flow of work, food, tourism, oil and capital in the Middle East. Such fronts open up opportunities for exchanges with Brazil and Parana. "The Middle East is experiencing a remarkable opportunity for growth, and thus can be established partnerships with entrepreneurs and governments of Brazil," assessed the executive.

Dubai, for example, is the second largest park in construction of the world. "You can see that 30% of cranes in activity around the world are here. The UAE has 3 trillion dollars in reserves and one of the highest per capita incomes around the world. Our government has at least 2.3 trillion U.S. dollars for investment, with possibilities of partnerships in tourism, infrastructure, financial services, energy, "said Boustany to Requiao.

The UAE has 5.2 million inhabitants, gross domestic product of 217 billion dollars, an economy that grows 9% per year and per capita income of 56 thousand U.S. dollars, one of the largest in the world. Until 2012, the region will seat of the largest of the entire aviation - the Emirates, on the rise. "The presence of former HSBC in the region and its position of largest bank in profits and assets make it an attractive partner for the mediation of business between Brazil and the countries of the region," explained the executive.

Boustany sees possibility of partnerships with Brazilian companies in trade in grains and wood products such as mobile services, design and construction of infrastructure, ports, airports, transport. "Parana and HSBC can work in partnerships of openings for investment in infrastructure, property investment, renewable and clean energy," bet the executive.

"Parana has interest in the bank's provision to establish exchanges, close partnerships providing investment in infrastructure and expand our business with the Middle East," the governor said after the meeting. "We have an interest in the participation of foreign capital, in new hydroelectric dams, for example, provided that the state is the major in the business," he said.

"The whole Middle East is a great demand for basic infrastructure, real estate investments, sources of clean and renewable energy and food. It was a fruitful meeting, Dubai and Parana have in common the strong presence of HSBC, where the bank maintained their regional headquarters. This can serve as a starting point to enhance the exchange, "said Requiao.

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Requiao and director of HSBC in Dubai offer more partnerships with Parana State