May 2, 2018 / 9:21 AM / a year ago

HSBC mandated on several privatizations in Saudi Arabia: executive

An HSBC bank call centre is seen at night floodlit in rainbow colours for Malta Gay Pride Week in Swatar, Malta, September 7, 2017. REUTERS/Darrin Zammit Lupi

RIYADH (Reuters) - British bank HSBC (HSBA.L) has been mandated for several privatizations in Saudi Arabia and will announce them very soon, a senior bank executive said on Wednesday.

The Saudi government is working on a pipeline of privatizations as part of economic reforms aimed at diversifying the economy away from oil.

Speaking at a business conference in Riyadh, Samir Assaf, HSBC’s chief executive of global banking and markets, said HSBC was “very much contributing to the privatization program”.

He also said Saudi Arabia had “huge potential” in further developing a trade corridor with Asia.

Reporting by Stephen Kalin and Tom Arnold, writing by Davide Barbuscia; editing by Jason Neely

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