Part of the HSBC Group, HSBC Middle East (HSBC ME) is the most widely represented international bank in the region with 36 branches, 14 subsidiaries, and eight affiliate companies across the region, as of 2007. The bank and its affiliates provide a wide range of financial and wealth management services including commercial and investment banking, mortgage finance, Islamic banking and financing, asset management, brokerage and insurance services.

HSBC ME?s history dates back to 1889 when it was known as the Imperial Bank of Persia. The bank was established in London and opened for business in Tehran as banker to the imperial government of Persia. Baron Julius de Reuter, a founder of the bank (and also the creator of Reuters), had obtained a 60-year banking concession from the Shah of Persia. The bank changed its name to become Imperial Bank of Iran in 1935 and then to The British Bank of Iran and the Middle East in 1949. As the bank lost its foreign exchange permit in Iran in 1951, it withdrew from Tehran and changed its name to The British Bank of the Middle East. It was then fully acquired by the Hong Kong and Shanghai Banking Corporation (now known as HSBC Group) in 1959 and later adopted the HSBC ME name.

With its regional nerve center in the UAE, HSBC ME?s regional presence to includes a network of branches in the UAE, Qatar, Oman, Bahrain, Lebanon, Jordan and Kuwait in addition to representative offices in Iran and Libya.

This regional coverage is enhanced through sister banks and other associated companies in the HSBC Group, of which HSBC Bank EgyptHSBC Bank Egypt and Saudi-based SABBSABB are full-fledged commercial banks. Furthermore, the British Arab Commercial Bank Limited (based out of UK) provides trade and project finance for Arab markets, with representative offices in Algeria and Libya. Affiliate companies in the HSBC Group?s Middle East network also include SABB TakafulSABB Takaful as a provider of Islamic insurance services, HSBC Saudi ArabiaHSBC Saudi Arabia Limited as an independent investment bank, HSBC AmanahHSBC Amanah as an Islamic financial services provider and HSBC Middle East Securities as a brokerage company that trades on both the Abu Dhabi Securities Market and the Dubai Financial Market.

HSBC ME reported net operating income of USD1.1 billion in 2006, which represented a 32.4% increase over 2005. With personal banking representing 39% the bank?s income and 23% of profits in 2006, commercial banking represented 35% of income and 45% of profits while corporate investment banking and markets represented 25% of income and 32% of profits.

HSBC ME grew its assets under management to USD2.5 billion in 2006, which represented an increase of 87% over 2005.