HSBC dominates the new markets

The move up the rankings demonstrates the efforts the bank has put towards repositioning its capabilities in the Middle East. Andrew Brown, head of FX for Europe and the Middle East at HSBC in London, commented that the region has been a key and developing market for the bank.

"That has been borne out of some of the survey profiles that we were seeing and also out of the substantial growth in revenues year on year which has been very positive for us," he said.

Replicating its strategy in Asia, the bank has established a Middle East centre in Dubai with local currency expertise in a number of sites around the region, including Lebanon, Egypt, Kuwait and Bahrain.

"We've attempted to put the Asian model into the Middle East, which is really about having one very proactive trading and pricing hub, but we also have to remember that clients operate in a number of domestic markets," said Brown.

To spearhead the sales effort, the bank transferred Rahul Badhwar an FX salesperson in Mumbai to become head of sales Middle East, for HSBC in Dubai in July last year.

"He has been a key focal point for the sales initiative in the Middle East, but we also continue to utilise our local network with our domestic sites," said Brown.

"We have made existing businesses and teams more effective and that's quite a pleasing aspect of our business, because we haven't had to make too many key hires or too many key changes," added Brown. "It's just about fine tuning the service proposition and being more effective in what we do."