HSBC reportedly banned from taking on new assets at Saudi unit

20/04/2015 Argaam
Saudi Arabia's market regulator, the Capital Market Authority, banned late last year HSBC from taking on new assets at its Saudi unit, Bloomberg reported, citing unnamed sources.
 
The decision was taken because HSBC had reportedly violated Saudi regulations governing asset management, the report said, adding that the ban was not linked to the investigation into the bank’s dealings in other parts of the world.
 
HSBC was managing $7 billion worth of investment funds in Saudi Arabia as of 2013, Bloomberg added.

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