Alsaady’s most recent role at NCB was that of head of strategy, based in the Saudi Arabian city of Jeddah, but he has held a number of senior positions at the firm.

In his new role Alsaady will report to Bassem Snaije, head of HSBC Private Bank’s MENA team in London, with an additional functional reporting line to Sobhi Tabbara, the bank’s Geneva-based Saudi Arabia market head.

Alsaady’s appointment comes just over a month after those of Anthony Hingley and Hicham Najem as directors of the private bank’s investment advisory group to the London MENA team. These three hires are, HSBC says, a signal of its commitment to the London-resident Middle Eastern community and there are further hires to come in this side of the business.

In commenting on Alsaady’s appointment, Snaije said that his local expertise and intimate knowledge of Saudi Arabia would help the bank to improve its understanding of the needs of clients from the Kingdom, of which there are an estimated 14,000 living in the UK.

HSBC regards Saudi Arabia as a key strategic region in the Middle East and one which holds a wealth of business opportunities, driven in part by the domestic market underpinning the continued expansion of the private sector economy. Taking the region as a whole, the bank views the Middle East as having the biggest and fastest growing pool of wealth in emerging markets due to factors such as rapid population growth and the brightening economic prospects of countries like Egypt and Abu Dhabi, as well as Saudi Arabia.