HSBC Plans to Register in Dubai International Financial CentrePress Release21 Nov 2005 01:10 pm
HSBC has indicated its intention to establish a significant presence in the Dubai International Financial Centre (DIFC). The HSBC Group Chief Executive, Stephen Green, who is also Chairman of HSBC Bank Middle East Limited, expressed the Bank’s strong desire to establish a new centre of gravity at DIFC during a call on Dr Omar Bin Sulaiman, Director General of the DIFC.
The announcement of this initiative was made today during a press conference attended by Mr Stephen Green, Group Chief Executive and Chairman of HSBC Bank Middle East Limited, Mr David Hodgkinson, Deputy Chairman and Chief Executive Officer of HSBC Bank Middle East Limited and Dr Omar Bin Sulaiman, Director General of the DIFC.
Mr Green explained that, subject to approval by the Dubai Financial Services Authority, HSBC plans to establish significant divisions of its Corporate, Investment Banking and Markets division, along with the Group’s Islamic Finance division HSBC Amanah, and HSBC Private Bank.
Stephen Green said: “DIFC is creating a new centre of gravity for the region’s banking community which is attracting further international players to these dynamic markets. With almost 60 years of operations in the UAE and elsewhere in the region, HSBC has demonstrated more than any other international bank its commitment to this region and to its growth and development. I am delighted to continue that long tradition by seeking approval for HSBC to participate in Dubai’s bold initiative to strengthen the region’s banking and financial services capabilities.
“The aspiration to serve the needs of local, regional and international participants by offering recognised international standards resonates with HSBC’s own imperative to operate to the highest international standards without compromise for all of its personal, corporate, institutional and governmental clients. This is one of the reasons that HSBC Bank Middle East has been named Best Bank in the Middle East by Euromoney for the past 3 years,” he added.
Commenting on the announcement, Dr Omar Bin Sulaiman, Director General of the DIFC Authority, said: “HSBC is one of the world’s largest and most successful institutions, and we are delighted to welcome it to the growing DIFC family. In our first year of operation, over 100 companies became members of DIFC, and we begin our second year with one of the biggest names in the industry. We welcome HSBC to DIFC, and look forward to a prosperous future together.”
HSBC has indicated that it plans to establish a presence in the DIFC in the early part of 2006.
While in Dubai Mr Green also chaired a quarterly meeting of the Board of Directors of HSBC Bank Middle East Limited.