Dubai, UAE: June 30, 2016

HSBC Bank Middle East Limited ('HBME') confirms it has transferred its place of incorporation and head office from Jersey to the Dubai International Financial Centre (the "DIFC") effective today, 30 June 2016. 

As a result of the transfer, HBME is now lead-regulated by the Dubai Financial Services Authority (the "DFSA"). HBME remains locally regulated in each of the countries in which it operates by the country's Central Bank and its other regulators.  The re-location has no material impact on HBME's business in the MENA region.

David Eldon, Chairman of HSBC Bank Middle East Limited, said: "HBME in the MENA region has been operating under a very effective regulatory regime administered by the Jersey Financial Services Commission ("JFSC") for twelve years. I would like to thank the JFSC for the effective supervision that they have provided during that time. 

"As we look to the future, aligning our business and regulatory oversight geographically makes strong strategic sense. The DIFC and its independent regulator, the DFSA, combine to offer a world-class financial services centre. HSBC has operated certain businesses within the DIFC since 2006, so we know the jurisdiction and regulator well, and we look forward to developing our broader relationship with them."

Essa Kazim, Governor of the DIFC, added: "We are pleased to welcome HBME to DIFC, the global financial hub for the Middle East Africa and South Asia region. The relocation of HSBC's regional management office to DIFC reinforces the attractiveness as well competitiveness of the UAE economy to international players in the banking and financial services sector.

"Furthermore, the transfer will attract assets valued at more than US$40 billion on the balance sheet to DIFC. HBME operations at DIFC will be regulated by our independent regulator DFSA for the entire Middle East region, further strengthening the credibility of our regulatory regime and benefit our clients and stakeholders. I am confident that through its presence at DIFC, HBME will play an important role in fostering closer ties among the financial communities in the MENA region."

-Ends-

About HSBC Bank Middle East Limited
HSBC Bank Middle East Limited ("HBME") is a wholly owned indirect subsidiary of HSBC Holdings plc. It provides a range of banking and related financial services in the Middle East and North Africa through branches in the UAE, Qatar, Kuwait, Bahrain, Algeria and Lebanon.

About Dubai International Financial Centre
The Dubai International Financial Centre (DIFC) is the financial hub for the Middle East, Africa and South Asia, providing a world-class platform connecting the region's markets with the economies of Europe, Asia and the Americas. It also facilitates the growth in South-South trade and investment. An onshore, international financial centre, DIFC provides a stable, mature and secure base for financial institutions to develop their wholesale businesses.

The Centre offers all the elements found in the world's most successful financial industry ecosystems, including an independent regulator, an independent judicial system with a common-law framework, a global financial exchange, inspiring architecture, powerful, enabling support services and a vibrant business community. The infrastructure within the district features ultra-modern office space, retail outlets, cafes and restaurants, art galleries, residential apartments, public green areas and hotels.

Located midway between the global financial centres of New York, London in the West and Singapore, Hong Kong in the East, DIFC (GMT +4) fills a vital time-zone gap with a workday that bridges the market and business hours of financial centres in both Asia and North America.

In 2015, DIFC launched its 2024 growth strategy, a blueprint for the next decade of growth of the financial hub. The growth strategy aims to stimulate trade and investment flows along the South-South economic corridor encompassing Africa, Southern Asia and Latin America.

Currently, 1,445 active registered companies operate from the Centre, with a combined workforce of 19,808 professionals.

DIFC continues to pursue expansion into new services and sectors within the Middle East, Africa and South Asia region, an area comprising over 72 countries with an approximate population of 3.0 billion and nominal GDP of US$7.8 trillion.

For further information, please visit our website: www.difc.ae, or follow us on Twitter @DIFC.

For media enquiries, please contact:
Hajar Al Ketbi
Dubai International Financial Centre
Vice President - Public Relations & Corporate Communications
Tel: +971 4 362 2440
Email:    Hajar.Alketbi@difc.ae

Claire Lawson
APCO Worldwide
Senior Account Director
Mobile:   +971 55 400 3235
Email:    clawson@apcoworldwide.com

© Press Release 2016