HSBC CEO says alternative routes could make Strait of Hormuz 'redundant' in five years

HSBC Holdings

Tue 06:48

DUBAI, Oct 20 (Reuters) - Investment to build resilient alternative logistics routes means that the Gulf region will recover from the impact of the Iran war, HSBC Group Chief Executive Georges Elhedery said on Tuesday, adding that the Strait of Hormuz could become "redundant" in probably five years.
The bank's commitment to the GCC region remained "steadfast," Elhedery said at an event in Dubai in his second trip to the region since the beginning of the conflict. 
     

(Reporting by Federico Maccioni; Writing by Tala Ramadan)
((tala.ramadan@thomsonreuters.com;))