HSBC has established a locally-based investment banking unit, headed by Kapil Chadda, who recently joined the bank from Bank of America. The move is aimed at capturing an increasing proportion of the growing business coming out of the country, particularly in the hydrocarbons, petrochemicals, infrastructure, transportation and tourism sectors. HSBC is also considering the possibility of establishing a presence in the Qatar Financial Centre (QFC). 'We are studying the legal issues surrounding what we can and can't do out of the QFC,' says an HSBC official. 'But a local investment banking unit has been on the cards from before plans for the financial centre were even announced.' The Qatar Financial Centre Regulatory Authority (QFCRA) began accepting applications in May (MEED 6:5:05).