HSBC Bank Middle East
| File:HSBC logo (2018).svg HSBC logo | |
| Company type | Subsidiary |
|---|---|
| Industry | Banking and financial services |
| Predecessor | British Bank of the Middle East (BBME) |
| Founded | January 1, 1889 in Tehran, Qajar Iran |
| Headquarters | Dubai , United Arab Emirates |
Area served | Middle East |
| Owner | HSBC Holdings plc |
| Website | www |
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HSBC Bank Middle East (HBME, Arabic: إتش إس بي سي الشرق الأوسط), previously known as the British Bank of the Middle East (BBME, 1959–1999), stands as the foremost international banking institution in the Middle East, wholly owned by HSBC. Established in 1889 in Tehran, Qajar Iran, its headquarters have transitioned from Tehran (1889–1959) to London (1959–1999), then to Jersey (1999–2016), and have been based in Dubai since 2016.
HBME operates under the regulation of the Dubai Financial Services Authority alongside oversight from local central banks within each country where it functions.
Overview
In 1959, HSBC acquired the British Bank of the Middle East, a London-based entity formerly known as the Imperial Bank of Persia, which maintained branches across Bahrain, Kuwait, Jordan, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, the Trucial States (now UAE), Tunisia, and Yemen.
Throughout the 1960s and 1970s, BBME withdrew from Syria, Iraq, South Yemen, and Libya due to nationalization policies. Its presence in the Palestinian Territories continued until all activities ceased by December 2015. In 1978, BBME transferred its operations in Saudi Arabia to the Saudi British Bank, retaining a 40% ownership interest.
The bank’s headquarters moved from London to Jersey in 1999, coinciding with its rebranding as HSBC Bank Middle East. By 2013, HSBC Jordan operated four branches with total assets nearing $1.2 billion; this business was sold to Arab Jordan Investment Bank in June 2014 with most staff transitioning to AJIB.
In June 2016, HBME shifted its incorporation and main office from Jersey to Dubai International Financial Centre. Later that year, HSBC announced the sale of its Corporate, Retail Banking, and Wealth Management operations in Lebanon to BLOM Bank, completing the handover including employee transfers by June 2017.
HSBC Algeria
HSBC commenced operations in Algeria in August 2008 when HSBC France established a registered office and branch in Algiers. In 2009, regulatory oversight was transferred to HBME. The bank currently maintains two branches located in Algiers (headquarters) and Oran, delivering corporate and retail banking solutions.
HSBC Bahrain
The Imperial Bank Of Iran first opened a branch in Bahrain in 1944. Today, HSBC’s presence includes three branches managed by HSBC Middle East Limited (HBME), including an offshore banking unit. It is recognized as Bahrain’s largest foreign bank with offices situated in Manama, Adliya, and Seef, supported by a network of 20 ATMs. The bank provides both corporate and retail banking services throughout Bahrain.
HSBC Egypt
In 1982, BBME acquired a 40% shareholding in the newly formed Hong Kong Egyptian Bank S.A.E., based in Cairo. The institution was renamed Egyptian British Bank in 1994 under consistent ownership before becoming HSBC Bank Egypt in April 2001 after HSBC Group increased its stake to 94.5%.
HSBC Israel
HSBC launched full banking operations in Israel in 2001 with its headquarters located in Ramat Gan.
HSBC Kuwait
The Imperial Bank of Iran established a branch in Kuwait in 1942 but withdrew in 1971 following nationalization of foreign banks. HSBC reentered the Kuwaiti market in October 2005 after obtaining a license from Kuwait's Council of Ministers. The bank operates out of a branch at AlHamra Tower, Kuwait City, offering services including corporate banking, investment management, private banking, and treasury functions.
HSBC Oman
Oman's banking history traces back to 1948 when the Imperial Bank of Iran commenced operations, acting as the exclusive banking institution for twenty years and facilitating the issuance of Oman's inaugural currency in 1970. Today, HSBC Oman delivers an extensive range of corporate and retail banking solutions through a network exceeding 90 branches. Additionally, it provides comprehensive trading services, private banking, and custodial support for the Muscat Securities Market. In 2012, HSBC integrated with Oman International Bank, converting all OIB outlets into HSBC Bank Oman S.A.O.G branches.
The bank operates dedicated 'Premier' Customer Service Centres located in Madinat al Sultan Qaboos and Azaiba, along with specialized service zones in prominent branches such as Qurum and Ruwi.
The board of directors for HSBC Bank Oman comprises:
- 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
HSBC Pakistan
HSBC launched its operations in Pakistan in 1982, initially maintaining a modest footprint across three principal cities. Originally managed by The Hongkong and Shanghai Banking Corporation, its Pakistani banking activities merged with HSBC Bank Middle East Limited in 2008. Over the subsequent four years, HSBC expanded its presence to encompass all major urban centers in Pakistan as a full-service bank. It operated 12 branches featuring round-the-clock call centers and HSBC Premier services, with locations including Karachi (4 branches), Lahore (2), Islamabad (2), Rawalpindi, Faisalabad, Sialkot, and Multan—each equipped with Premier Centres.
On 9 May 2014, HSBC Bank Middle East agreed to divest its Pakistan operations to Meezan Bank as part of a strategic withdrawal from smaller markets. The sale was finalized on 14 October 2014, ensuring that all staff were offered employment opportunities within Meezan Bank.
HSBC Qatar
BBME established its footprint in Qatar back in 1954. The bank delivers a broad spectrum of cross-border financial services encompassing Retail Banking, Commercial and Global Banking, Wealth Management, and Offshore banking solutions. As Qatar's largest foreign bank, HSBC maintains three branches in Doha—situated at Airport Road, City Center, and Salwa—and operates an ATM network spanning eleven locations.
HSBC UAE
The United Arab Emirates represents a key market for HSBC, featuring 24 branches and offices throughout the country. The UAE also hosts the regional headquarters for HSBC’s operations.
Board of directors (as of 2020)
Source:
- David G Eldon (Chairman)
- Martin Tricaud (Deputy Chairman)
- Muna Easa Al Gurg
- Amina Alrustamani
- David Dew
- John Raine
- Neslihan Erkazanci
- John Barlett
- Christopher Spooner
- Stephen Moss
On 22 February 2021, HSBC Group announced updates to its senior leadership team across the Middle East, North Africa, and Turkey regions.
See also
Sources
- Alwan, Daoud Aboubakern, and Yohanis Mibrathu (2000) Historical Dictionary of Djibouti. (Scarecrow Press).
External links
- Articles with short description
- Pages with broken file links
- Banks of Bahrain
- Banks of Israel
- Banks of Jordan
- Banks of Kuwait
- Banks of Lebanon
- Banks of Oman
- Banks of Qatar
- Banks of Pakistan
- Banks of Palestine
- Banks of the United Arab Emirates
- HSBC subsidiaries
- Banks established in 1889
- Companies of Jersey
- 2001 establishments in Israel
- 1954 establishments in Qatar
- 1946 establishments in Lebanon
- Kuwaiti companies established in 2005
- Israeli companies established in 2001
- 2015 disestablishments in Palestine