HSBC Bank Middle East Limited Receives DFSA LicensePress Release27 Sep 2006 12:06 pm
HSBC Bank Middle East Limited today announced it has been granted a license from the Dubai Financial Services Authority (DFSA) to provide institutional financial services from the Dubai International Financial Centre (DIFC).
These activities include a significant proportion of the Bank’s Corporate, Investment Banking and Markets activities, along with a major portion of HSBC’s Private Bank, coupled with representation from the Bank’s Islamic Financial Service vehicle, HSBC Amanah, and some insurance-related activities.
Niall Booker, Deputy Chairman and Chief Executive Officer of HSBC Bank Middle East Limited, said: “Following the announcement made by our Group Chairman, Mr. Stephen Green, last year about the Bank’s strong desire to establish a significant presence in the DIFC, I am pleased to confirm that our request for authorisation has been approved by the DFSA, and that we will relocate a number of staff into the DIFC during 2006. With such a move we expect to further expand our contribution towards developing the region’s financial markets and to continue strengthening the banking and finance services sector.”
His Excellency, Dr Omar Bin Sulaiman, Governor of the DIFC, added: “HSBC has deep roots in the Middle East and the substantial number of staff located in the DIFC is testament to the bank’s commitment to the region. HSBC’s global network and expertise is a welcome addition to the growing list of leading financial institutions at the DIFC”.
Antoine Cahuzac, CEO of Global Banking MENA said: “Our position as a strategic financial adviser to many GCC countries over past decades has enabled a close understanding of the individual markets and enduring relationships to be formed with clients across the region. Evidencing client continued trust in HSBC, the Bank recently received the prestigious Euromoney 2006 Awards of Excellence for Best Investment Bank in the Middle East and Best Investment Bank in Saudi Arabia. These and other recent awards confirm HSBC’s leading position as a top provider of Corporate, Investment Banking and Markets financial services in the fast-growing Middle East market.”