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Ewan Stirling, CEO, HSBC Oman, shares his thoughts on the region's economic outlook, the bank in the sultanate and the years gone by with Mayank Singh

Can you give us a brief background on how your career has moved?

I joined HSBC in 1986 and my first posting was in Doha, Qatar, from where I went to Hong Kong where my job was in the dealing room. Then I came back to the Middle East and did a stint in Bahrain followed by Dubai from where I went back to Hong Kong in commercial banking. I came to Jordan in 1995 for four years and established HSBC's strategic planning unit in the Middle East. So I would like to think that I have a good experience in the region though I have not had the privilege of working in Oman earlier, other than a short project about 12 years ago. It was a delightful place then and remains so now. The place has certainly changed in the last 12 years, but it has been positive change. My last job was as the area director for HSBC in London.

What are your thoughts on the region's economic outlook?

The good news continues and it is great for HSBC. We are tremendously excited about the continued potential in the Middle East and of course, Oman. We have seen incredible growth over the years in the Middle East on the longer-term trend and we anticipate the same going forward. That is one of the main reasons why it is such an exciting time to be in the sultanate.

Do you have a set of plans for Oman?

My priority is to match this country's phenomenal growth. I would be delighted if HSBC could continue to grow at the current level. We have seen extremely good results over the last three years.

How are you going to compete with local banks which have a larger network and customer base?

We see local banks as worthy competitors. At HSBC, we bring in a completely different dimension to the environment because of our international reach and experience and the vast range of financial services that we are able to offer based on its huge experience across the globe. My objective for HSBC is to grow in this market. There are several ways of doing that. We have already started using the customer service outlet concept to broaden our distribution reach. But there are many other ways. Clearly the Internet proposition is very exciting and is gaining increased penetration in Oman and the Middle East. Over the years you can expect HSBC to look at every possible method to grow its distribution to meet our customer needs.

Are there any initiatives that you are excited about?

Premier is a massive initiative for us. In many ways Premier signifies what HSBC is all about. It shows our ability to be joined across all other countries and offer our Premier client base Ð the majority of whom need cross border banking services Ð a first class service with a bank that they know and trust in many countries where they operate in. When we say HSBC is a global local bank, we really mean it and Premier typifies that. In fact all our Premier shops are built to the same specifications to ensure that we are offering the same first class service as HSBC. That is as true in Oman as it is in New York London or Paris.

Is HSBC looking at introducing Shariat compliant products in Oman?

At the moment the Central Bank of Oman (CBO) does not view it as appropriate for banks to offer Shariat compliant products in this market. I look forward to discussing any aspect related to financial services with CBO. HSBC globally operates Amana Finance, so as a group we clearly have the ability to offer such products should they be allowed.

HSBC has been aggressive in the retail end of the market with products like auto finance, housing loans etc. Will this focus continue to be priority area?

Categorically yes. I do not want to talk about all of our initiatives under discussion but we are totally committed to the personal market and intend to be market leaders wherever and whenever we can. It is interesting that there is a perception of us as a big-ticket bank and in the past we were seen as a prudent and conservative bank. The message that we would like to give out is that HSBC Middle East in Oman is the exact opposite of that now. We intend to be at the leading edge of both commercial banking, small and medium enterprise banking and personal financial services.

As you mentioned, the bank has been seen as being more conservative than its peers. Is HSBC working at changing this perception now?

We are as prudent as we have been in the past and we would certainly never step away from our prudent and conservative foundation. We are still a bank which places customer's interests in front of everything that we do. We compete with the very best of them and would like HSBC to be seen as forward thinking as any one of our competitors.

This perception though seems to have an adverse affect on the valuation that the market gives to the bank?

Clearly, as a senior banker working with HSBC I believe that that the market never gives us the kind of valuations that we deserve. That said if you talk to the analysts in London they would say that one of the reasons why we are not as highly valued as we should be is because we haven't yet shown that that the value of the group is more than the sum of its parts. And that is why our group's strategy now is to be all joined up. Beyond doubt, this has started impressing the analysts. Premier has allowed analysts to look at HSBC as a group that is giving its clients value in terms of their global reach. If you are a Premier customer in Oman and a Premier customer in London then there is a real advantage in banking with HSBC. It is of great value to our shareholders and our customers.

What do you mean when you say HSBC's strategy is to be all joined up?

Joined up means that if you are a commercial client we will not only satisfy your needs in this market or any other market that you deal in, but also look after your personal financial needs and that of your family. Joined up service recognises your full value as a client both on the commercial and personal side. So you can look at being joined up both geographically and business wise. Customers get one market-leading composition while banking with HSBC.

HSBC was seen as a bank run by a group of British expatriates. Is that changing with people from other regions and nationalities getting a chance to work with the bank?

Categorically, you have to go back a long way. Actually it was the Scots who used to run the bank before the Britishers. Though I do not have the numbers, I am confident that there is an appropriate representation from all countries. We believe in diversification within the group. We appreciate representation from different regions within HSBC. Our various regions are run by CEOs from various parts of the world. In the Middle East, the bank is headed by Youssef Nasr, a Lebanese gentleman. If you look at the current batch of CEOs in the Middle East, there are fewer Britishers and far more representation from other countries. We are all for meritocracy. Now it is the most able people, who are appropriate to their market, who are getting the jobs at HSBC and, as always, we will remain an equal opportunity employer.

You have been with the bank for 21 years. How has been the experience?

These years have gone just like that (snaps his fingers). Time has flown by which means that I have really enjoyed it. HSBC is a tremendously rewarding organisation. You say I have spent so many years in HSBC. I never felt that I have spent so many years in one organisation as those years were spent in different countries and in so many businesses. They provided me with a wealth of experience both personally and professionally. HSBC gives you a chance to work in 83 countries and a whole variety of financial services and my career reflects that. I was born in Jordan and grew up in London. I pursued law at the University of Wales and I am a lawyer by training. The reason why I came into the bank was because I wanted to join a first class financial services institution with the ability to travel and HSBC offered me just that.