HSBC Bank Middle East has opened a branch in Kuwait, the first foreign bank to do so, following the relaxation of rules in 2004 in the licensing of foreign banks by the Government of Kuwait. The decision to issue a license to HSBC was approved on 28 February by Kuwait's Council of Ministers.
The Branch was officially opened by Mr. Ali M. Thunaian Al-Ghanim - President of the Kuwiat Chamber of Commerce and Industry and David Hodgkinson, Chief Executive Officer and Deputy Chairman of HSBC Bank Limited, on 2 October 2005 in the presence of HE The British Ambassador as well as the Kuwaiti and international media and HSBC staff. A dinner for prominent local guests and staff was held to mark the occasion at The Sheraton Hotel, Crystal Ballroom later on the same day.
HSBC first opened in Kuwait, as The Imperial Bank of Iran, later renamed British Bank of the Middle East, on 28 February 1942, and left the country in 1971 following the nationalisation of all foreign bank operations.
The new branch is situated in the Qibla district of Kuwait City, near to the Sheraton Hotel. It comprises 3 floors of the newly completed Kharafi Towers building which provides easy access to customers, available parking, and a pleasant and modern environment for staff and visitors. The branch will, when fully occupied, accommodate some 40 members of staff.
The branch will provide corporate banking and trade services, investment banking, markets and advisory services, securities custody and clearing services, payment and cash management solutions, private banking (offshore) services, and wealth management services.
"Our new business in Kuwait fits squarely within the HSBC Group Middle East investment banking and wealth management strategies, and provides us with direct access into the dynamic Kuwaiti market" said David Hodgkinson, Chief Executive Officer and Deputy Chairman of HSBC Bank Middle East Limited at the opening of the new branch. " It fills an obvious network gap for us in the Middle East, and allows us to forge new direct relationships with major institutions in Kuwait through the provision of a wide range of top quality corporate and investment banking services."
Nick Nicolaou, Chief Executive of HSBC Kuwait, added, "Our arrival has attracted a good deal of positive attention. Quite apart from the additional business we expect to generate by being physically located in Kuwait, the additional two-way flow of business through the HSBC network is likely to be very significant. As the region's largest international bank, and Euromoney's Best Bank in the Middle East for the last 3 years running, we are very excited about the prospects for HSBC in Kuwait."
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About Nick Nicolaou, Chief Executive Officer, HSBC Kuwait
Nick Nicolaou joined HSBC in 1977. He first served in the Middle East with The British Bank of the Middle East in Bahrain as a general banking executive. Following tours in Hong Kong and Japan he was a member of the start up team for Hongkong Bank of Australia, in Melbourne, and subsequently Credit Relationship Manager, from 1985-88. He was Branch Manager Ras Al Khaimah in the United Arab Emirates from 1988-91. After 4 years in Hong Kong as Deputy Managing Director Wayfoong Fiinance Ltd, he served in Taiwan as Senior Vice President Corporate Banking from 1994-97, and as Senior Vice
President, Ontario Region, of HSBC Bank Canada. He was appointed CEO and Deputy Country Manager of The Hongkong and Shanghai Banking Corporation Limited in Japan in 2000, and in 2002 was appointed Head of Group Audit Middle East, based in Dubai. Mr Nicolaou has a degree in Economics and Business Studies from Sheffield University, in the UK, and is married with a son and a daughter from a previous marriage.
Corporate, Investment Banking and MarketsHSBC is the most widely represented international financial services organisation in the Middle East. With a presence dating back over 50 years in many countries of the region, where in some instances it was the first bank, HSBC is a long-term and trusted strategic financial adviser to corporations, institutions and governments. Today, through its regional network and dedicated professional staff HSBC offers a full range of advisory, financing, risk management, foreign exchange, fixed income, transcation banking and commercial banking services.
Reflecting its deep and wide ranging relationships in the region, HSBC again topped league tables compiled by the Middle East Economic Digest in March 2005, including 'Best Bank in the GCC Project-Related and asset-Backed Market' and 'Best Financial Institution in Arranging Loans and Regional Bonds'. HSBC was also named 'Best Bank in the Middle East' and 'Best Debt House' in the Middle East and in the UAE by Euromoney magazine in 2003 and 2004, which also named HSBC 'Best International Provider of Islamic Financial Services' and 'Best Sukuk House' in 2004 and 'Best Wholesale Islamic bank' and 'Best Islamic Private Bank' in 2005.
About HSBC Bank Middle East Limited
HSBC is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East Limited has 30 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Jordan, Lebanon, Kuwait and the Palestinian Autonomous Area, including an offshore banking unit in Bahrain. This extensive regional coverage is strengthened by another member of the HSBC Group HSBC Bank Egypt SAE, and by its associated companies, The Saudi British Bank and British Arab Commercial Bank Limited. In addition to its Middle Eastern network, the Bank has a representative office in Tehran, Iran.
About HSBC Group
HSBC Bank Middle East Limited has been a principal member of the HSBC Group since 1959. Serving over 110 million customers worldwide, the HSBC Group has approximately 9,800 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$1,467 billion at 30 June 2005, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.
For more information please contact:
Steve Martin
Regional Manager Corporate Affairs
Tel: 9714 3906631
Mob: 9715 0 4564854
E-mail: steve.r.martin@hsbc.com
© Press Release 2005
