Muscat, June 2013 - HSBC Bank Oman S.A.O.G. recently welcomed a Parliamentary Delegation of high ranking officials from the United Kingdom representing the House of Commons and the House of Lords at the bank's head office in Al Khuwair. Led by Lord German, the Delegation was on a visit to Oman as guests of the Majlis Al Shura. H.E. Jamie Bowden, the UK Ambassador to Oman accompanied them.
During the meeting, HSBC Bank Oman's Senior Management Team reinforced the bank's long-standing commitment to Oman and brought the delegation up to speed on the banking sector's flourishing developments. The Delegation was also briefed on the merger between HSBC Bank Middle East's Oman operation and Oman International Bank in June last year to form one of the largest financial institutions in Oman.
H.E. Jamie Bowden expressed his appreciation of HSBC Bank Oman's ongoing support to businesses and individuals in Oman. Bowden also described the close relations the UK shares with Oman and said, "The UK and Oman enjoy uniquely warm and broad relations that strengthen year on year. We continue to work closely to identify new opportunities to expand further our bilateral ties."
Reflecting on the visit, Ewan Stirling, CEO of HSBC Bank Oman said, "We were delighted to have the opportunity to meet with the parliamentary delegation. They were very interested in the future of Oman and expressed great admiration for His Majesty Sultan Qaboos bin Said's vision for the country and its people. Using HSBC's global strengths locally in Oman, we were able to share our views on how we expect to support this vision in areas such as large infrastructure projects and the critical market of SME banking."
Stirling added, "HSBC Bank Oman recognises that investing in and supporting the Omani entrepreneurs of today will pay huge dividends for Oman and its economy in the future."
Trade relations between the UK and Oman date back to more than 350 years and the UK today is the largest single foreign investor in the country. In 2012, the UK exported £451 million worth of goods to the Sultanate and in 2012 Omani exports to the UK reached £120 million.
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HSBC in the MENA Region
HSBC is the largest and most widely represented international banking organisation in the Middle East and North Africa (MENA), with a presence in 14 countries across the region. HSBC has operations in the United Arab Emirates, Egypt, Qatar, Oman, Bahrain, Kuwait, Jordan, Lebanon, Pakistan, Algeria and the Palestinian Autonomous Area. In Saudi Arabia, HSBC is a 40% shareholder of Saudi British Bank (SABB), and a 49% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. In Iraq, HSBC holds a majority shareholding in Dar Es Salaam Investment Bank. HSBC also maintains a representative office in Libya.
This presence, the widest reach of any bank in the region, comprises some 273 offices and around 12,000 employees. In the full year 2011, HSBC in the MENA region made a profit before tax of US$1,492m.
HSBC in Oman
HSBC is the largest international bank operating in the Middle East, and Oman is an important market in the region for the bank. Oman has one of the most stable political, social and economic environments in the region, with a growing economy supported by a young population and significant investments in infrastructure.
Oman is also a key access hub to the fast-growing trade corridors connecting the MENA region with Asia - a major focus for growth for HSBC. Its economy is forecast to grow at a compound annual growth rate of 4%1 forecast from 2011 to 2016.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 7,200 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, the Middle East and Africa. With assets of US$2,556bn at 31 December 2011, the HSBC Group is one of the world's largest banking and financial services organisations.
For more information, please contact:
ShazaTaher
TRACCS Oman
Telephone: +968 24 649-099
Fax: +968 24 649-088
Email: shaza.taher@traccs.net
© Press Release 2013
