As the conflict involving Iran, Israel and the United States enters its second week, investment banks operating in the GCC—many of which expanded significantly over the past two years amid a surge in debt and equity capital market deals—have indicated that their regional operations remain ongoing.
On Tuesday, Iran’s Islamic Revolutionary Guard Corps (IRGC) issued a warning that economic centres and banks connected to US and Israeli interests in the region could be targeted, heightening concerns that financial institutions’ local activities might face potential disruption.
Since the outbreak of hostilities, most bankers have shifted to remote working arrangements, although they say operations and business activities are continuing as normal. Many expect to remain working from home until greater clarity emerges regarding how the regional situation evolves.
“The vast majority of our people in the UAE have been working remotely, and we have now moved to a fully remote model for all UAE-based colleagues,” Citi, which runs its regional hub from Dubai, told Zawya. “We are continuing to serve our clients without interruption.”
“The decision to evacuate three of our buildings in the UAE followed information we received and aligns with our commitment to prioritising the safety of our colleagues. All colleagues are accounted for and are safe,” the bank added.
HSBC, which has topped LSEG league tables for the past three years, said it has been closely following government guidance alongside its internal contingency plans to manage working arrangements.
Commenting on the developments affecting GCC countries, CEO Georges Elhedery said: “The region has repeatedly demonstrated its ability to withstand periods of disruption, adapt with determination and emerge stronger. HSBC has been deeply committed to the region for more than 130 years. We remain invested in its future and in the opportunities that lie ahead for its people, businesses and economies.”
Standard Chartered has rejected reports suggesting that staff had been evacuated from its Dubai offices. “While we continue to monitor developments closely, the UAE and our other Middle East markets remain an important part of our global network, through which we continue to support clients navigating a complex environment,” the bank said.
The bank had introduced a precautionary work-from-home arrangement last week, which has since been extended.
Deutsche Bank, which oversees much of its Middle East investment banking activity from London and Dubai, told Zawya that its operations and business activities in the region are continuing and have not been directly affected so far.
