HSBC Bank Middle East

HSBC Bank Middle East Limited is the largest and most widely represented international bank in the Middle East.

HSBC Bank Middle East Limited
TypeSubsidiary of HSBC Holdings plc
IndustryFinance and Insurance
Founded1889
HeadquartersDubai, UAE
Key people
Martin Tricaud, Deputy Chairman and CEO

Abdul Hakeem Mostafawi, CEO of HSBC Qatar

Jody Sanderson, Head of Global Banking, GCC ex-UAE

Osama Ali, Head of Global Banking Qatar
ProductsFinancial services
Websitewww.hsbc.ae (UAE)
www.hsbc.com.qa (Qatar)
www.hsbc.co.om (Oman)
www.hsbc.com.lb(Lebanon)
www.hsbc.com.bh(Bahrain)
www.hsbc.co.il (Israel)
www.hsbc.com.kw (Kuwait)

History

The Imperial Bank of Persia (Persian: بانک شاهنشاهی ایران; Bank-e Šâhanšâhi-ye Irân) was a British bank that operated as the state bank and bank of issue in Iran (formerly known as Persia until 1935) between 1889 and 1929. It was established in 1889 with a concession from the Persian government to Baron Julius De Reuter (born Israel Beer Josaphat), a German Jewish banker and businessman who later became a Christian and a British subject.[1]

The bank was the first modern bank in Iran and introduced European banking ideas to a country in which they were previously unknown. The legal centre of the bank was in London and whilst it was subject to British law, its activities were based in Tehran. It also had operations in other Middle Eastern countries.

In 1952, the bank abandoned the Iranian market and it was later renamed British Bank of the Middle East (BBME).[2]

In 1959, BBME was acquired by The Hongkong and Shanghai Banking Corporation Limited.

In 1994, the bank’s head office was moved to Jersey, and subsequently changed its name to HSBC Bank Middle East (HBME) in 1999.

In June 2016, the bank transferred its place of incorporation and head office from Jersey to Dubai International Financial Centre, Dubai, UAE.[3][4][5]

Middle East banking
HSBC has maintained its presence in Beirut, Lebanon ever since 1946, thus the first in the Middle East.

HBME is regulated by the Dubai Financial Services Authority, but remains locally regulated in each of the countries in which it operates by the country’s Central Bank and its other regulators.[3]

HSBC maintains a network of offices in various countries in the Middle East. Operations of the group in the Middle East are under this subsidiary.

Algeria

HSBC has a presence in Algeria since August 2008 when HSBC France opened a registered office and branch in Algiers.

In 2009, HSBC France transferred the supervision of the bank to HBME.[6] The bank has two branches located at the cities of Algiers (head office) and Oran. It offers banking products and services for Corporate, as well as Retail Banking customers.[7]

Bahrain

HSBC has a presence in Bahrain since 1944 when the Imperial Bank Of Persia opened a branch.[8]

The bank's network in Bahrain extends to three locations, including an offshore banking unit. It is represented by HSBC Middle East Limited (HBME) and is the largest foreign bank in Bahrain. The bank has branches, in Manama, Adliya, and Seef, as well as a network of ATMs at 20 different locations.

HSBC provides a range of banking services for both corporate and retail banking customers in Bahrain.[8]

Djibouti

British Bank of the Middle East opened a branch in 1975 that it closed in 1986, having failed to adapt itself to the market.[9]

Israel
HSBC office at Rothschild Boulevard in Tel Aviv.

HSBC started operations in Israel with a full banking license since 2001, headquartered at Ramat Gan.[10] HSBC in Israel currently offers Commercial banking and Private banking through HSBC Private Bank in Switzerland.

Jordan

British Bank of the Middle East had established itself in Jordan in 1949. At one point it had a branch in Jordanian Jerusalem, before the Israeli occupation of east Jerusalem after the war of 1967.

In 2013, HSBC Jordan's banking business consisted of four branches with gross assets of approximately $1.2 billion.

On 19 June 2014, Arab Jordan Investment Bank (AJIB) acquired HSBC Jordan. Almost all employees were expected to transfer to AJIB.[11][12]

Kuwait

HSBC first received the license to operate in Kuwait as the Imperial Bank of Persia in 1942, it renamed itself to BBME in 1952. It left the country in 1971 following the nationalisation of all foreign bank operations.[13][14]

The bank formally reestablished a presence in Kuwait in October 2005 after receiving a license by Kuwait’s Council Of Ministers.[15]

The bank has a branch located in AlHamra Tower, in Kuwait City, offering Corporate banking, Investment banking, Private banking and Treasury services.

Lebanon

HSBC has been operating in Lebanon since 1946. It maintained a network of four offices in St. Georges Bay, Dora, Achrafieh and Ras Beirut which is supported by telephone and internet banking services. On 16 November 2016, HSBC announced the sell of its Corporate, Retail Banking and Wealth Management business to BLOM Bank.[16][17] The sale was completed on 13 June 2016.[18] All employees were transferred to BLOM Bank S.A.L. as part of the agreement.[19]

Oman

HSBC Bank Oman S.A.O.G has been present in the Sultanate since 1948, and for two decades it was the only bank operating in the country. The bank assisted in the issuance of the first Omani currency in 1970.[20] It provides a wide range of banking services for both corporate and retail banking customers. In recent years HSBC Oman has expanded to over 90 branches and in addition has a full-service trading operation, private banking operation, and a custodial service for the Muscat Securities Market. In 2012, HSBC merged with Oman International Bank and by the end of 2012 all OIB branches had been rebranded as HSBC Bank Oman S.A.O.G.[21][22]

The bank has several dedicated 'Premier' Customer Service Centres in Madinat al Sultan Qaboos and Azaiba, in addition to dedicated service areas in certain main branches such as Qurum and Ruwi.

HSBC Bank Oman board members:[20]

  • Sir Sherard Cowper-Coles (Chairman)
  • Waleed Omar Al Zawawi (Deputy Chairman)
  • Dr. Juma Ali Juma Al Juma (Senior Independent Director)
  • Aimen Ahmed Sultan Al Hosni
  • Paul Joseph Lawrence
  • Christine Jane Lynch
  • Abdulfattah Sharaf

Pakistan

HSBC started its operations in Pakistan in 1982 with limited presence in three major cities. HSBC's offices in Pakistan were operated by The Hongkong and Shanghai Banking Corporation initially. In 2008, The Hongkong and Shanghai Banking Corporation merged its Pakistan banking business with HSBC Bank Middle East Limited.[23] Over the course of next 4 year, it expanded its operations to all major cities of Pakistan and operated as a full-service bank. At its peak, it had 12 offices, 24/7 telephone call centre, and HSBC Premier. The bank also offered NRP (non-resident Pakistani) services. Out of its branches, four were located in Karachi, two each in Lahore and Islamabad, and one each in Rawalpindi, Faisalabad, Sialkot and Multan. All the cities served also offered Premier Centres.

On 9 May 2014, HSBC Bank Middle East (HBME) entered into an agreement to sell its banking business in Pakistan to Meezan Bank, citing strategy of scaling back its operations in markets with limited scale.[24] The transaction, after regulatory and other customary approvals, completed on 14 October 2014.[25] All employees in the business were offered positions with Meezan upon completion.

Palestinian Territories
HSBC headquarters in Ramallah on August 2010, it was closed on December 2015.

HSBC operated in the Palestinian Territories until 31 December 2015. All operations of HSBC, including personal and commercial banking and headquarters in Ramallah, were closed by 31 December 2015.[26]

Qatar

HSBC has been present in Qatar since 1954.[27] The bank offers a full range of cross-border banking products and services including Retail Banking, Commercial and Global Banking, Wealth Management and Offshore banking. HSBC is the largest foreign bank in Qatar and has three branches in Doha, located at Airport Road, City Center and Salwa, as well as a network of ATMs at 11 locations.

United Arab Emirates

The United Arab Emirates represents a key part of HSBC's business, with 24 branches and offices. It is also the location of HSBC's regional head office.[3]

Board of directors (as of 2019)[28]
  • David G Eldon (Chairman)
  • Martin Tricaud (Deputy Chairman)
  • Dr. Raja Al Gurg
  • Amina Alrustamani
  • David Dew
  • John Raine
  • Neslihan Erkazanci
  • John Barlett
  • Chris Spooner

See also

References
  1. Burrell, R. M. (October 1988). "Geoffrey Jones: The history of the British Bank of the Middle East. 2 vols. I: Banking and empire in Iran. II: Banking and oil. xxiv, 418 pp.; xxi, 359 pp., 32 plates. Cambridge, etc.: Cambridge University Press, 1986, 1987. £40, $75; £40, $75". Bulletin of the School of Oriental and African Studies. 51 (3): 571–573. doi:10.1017/S0041977X00116830. ISSN 1474-0699.
  2. Pamuk, Sevket (December 1988). "The History of the British Bank of the Middle East. By Geoffrey Jones. Vol. 1: Banking and Empire in Iran. Cambridge: Cambridge University Press, 1986. Pp. xxiv, 418. $75.00. Vol. 2: Banking and Oil. 1987. Pp. xxi, 359. $70.00". The Journal of Economic History. 48 (4): 953–954. doi:10.1017/S0022050700006975. ISSN 1471-6372.
  3. "HSBC in the UAE - About HSBC | HSBC UAE". www.about.hsbc.ae. Retrieved 2020-07-02.
  4. "HSBC Middle East completes move to Dubai International Financial Centre". The National. Retrieved 2020-07-02.
  5. "HSBC Middle East completes transfer from Jersey to Dubai's DIFC". ArabianBusiness.com. Retrieved 2020-07-02.
  6. "HSBC report for investors" (PDF). HSBC. Retrieved 2 July 2020.
  7. "HSBC in Algeria - About HSBC | HSBC Algeria". www.about.algeria.hsbc.com. Retrieved 2020-07-02.
  8. "HSBC in Bahrain - About HSBC | HSBC in Bahrain". www.about.hsbc.com.bh. Retrieved 2020-07-03.
  9. Alwan and Mibrathi (2000), p.20.
  10. "HSBC in Israel - About HSBC | HSBC Israel". www.about.hsbc.co.il.
  11. Hainey, Raymond. "HSBC sells off Jordan banking unit | The Royal Gazette:Bermuda Business". The Royal Gazette. Retrieved 2020-07-02.
  12. "HSBC sells its business in Jordan" (PDF). HSBC. Retrieved 2 July 2020.
  13. "HSBC begins operations in Kuwait". gulfnews.com. Retrieved 2020-07-03.
  14. "HSBC in Kuwait - About HSBC | HSBC Kuwait". www.about.hsbc.com.kw. Retrieved 2020-07-03.
  15. "HSBC set to end 30-year absence from Kuwait". gulfnews.com. Retrieved 2020-07-03.
  16. "HSBC sells Lebanese business to BLOM Bank". www.spglobal.com. Retrieved 2020-07-02.
  17. "HSBC sells its business in Lebanon" (PDF). HSBC. Retrieved 2 July 2020.
  18. "Lebanon's Blom Bank completes acquisition of HSBC Lebanon unit". Reuters UK. 2017-06-18. Retrieved 2020-07-02.
  19. "BLOM BANK S.A.L. acquires HSBC Bank Middle East Limited – Lebanon". www.blombank.com. Retrieved 2020-07-02.
  20. "HSBC in Oman - About HSBC | HSBC Oman". www.about.hsbc.co.om. Retrieved 2020-07-02.
  21. "HSBC Bank Oman merger with OIB" (PDF). HSBC. Retrieved 2 July 2020.
  22. "HSBC Oman, Oman International Bank sign agreement on merger". gulfnews.com. Retrieved 2020-07-02.
  23. "SBP issues licence to HSBC Bank Middle East". DAWN.COM. 2008-05-18. Retrieved 2020-07-02.
  24. "HSBC Pakistan agreement with Meezan". HSBC. Retrieved 2 July 2020.
  25. "Meezan Bank acquires HSBC | Pakistan Today". www.pakistantoday.com.pk. Retrieved 2020-07-02.
  26. "HSBC in the Palestinian Territories - About HSBC". www.about.hsbc.ps.
  27. "HSBC in Qatar - About HSBC | HSBC Qatar". www.about.hsbc.com.qa. Retrieved 2020-07-02.
  28. "HSBC Middle East Limited Annual Report and Accounts 2019" (PDF). HSBC. 2 July 2020.

Sources
  • Alwan, Daoud Aboubakern, and Yohanis Mibrathu (2000) Historical Dictionary of Djibouti. (Scarecrow Press). ISBN 9780810838734
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