HSBC Bank Middle East Limited is the largest and most widely represented international bank in the Middle East.
History
The Imperial Bank of Persia (Persian: بانک شاهنشاهی ایران; Bank-e Šâhanšâhi-ye Irân) was a British bank that operated as the state bank and bank of issue in Iran (formerly known as Persia until 1935) between 1889 and 1929. It was established in 1889 with a concession from the Persian government to Baron Julius De Reuter (born Israel Beer Josaphat), a German Jewish banker and businessman who later became a Christian and a British subject.
The bank was the first modern bank in Iran and introduced European banking ideas to a country in which they were previously unknown. The legal centre of the bank was in London and whilst it was subject to British law, its activities were based in Tehran. It also had operations in other Middle Eastern countries.
In 1952, the bank abandoned the Iranian market and it was later renamed British Bank of the Middle East (BBME).
In 1959, BBME was acquired by The Hongkong and Shanghai Banking Corporation Limited.
In 1994, the bank's head office was moved to Jersey, and subsequently changed its name to HSBC Bank Middle East (HBME) in 1999.
In June 2016, the bank transferred its place of incorporation and head office from Jersey to Dubai International Financial Centre, Dubai, UAE.
Middle East banking
HBME is regulated by the Dubai Financial Services Authority, but remains locally regulated in each of the countries in which it operates by the country's Central Bank and its other regulators.
HSBC maintains a network of offices in various countries in the Middle East. Operations of the group in the Middle East are under this subsidiary.
Algeria
HSBC has a presence in Algeria since August 2008 when HSBC France opened a registered office and branch in Algiers.
In 2009, HSBC France transferred the supervision of the bank to HBME. The bank has two branches located at the cities of Algiers (head office) and Oran. It offers banking products and services for Corporate, as well as Retail Banking customers.
Bahrain
HSBC has a presence in Bahrain since 1944 when the Imperial Bank Of Persia opened a branch.
The bank's network in Bahrain extends to three locations, including an offshore banking unit. It is represented by HSBC Middle East Limited (HBME) and is the largest foreign bank in Bahrain. The bank has branches, in Manama, Adliya, and Seef, as well as a network of ATMs at 20 different locations.
HSBC provides a range of banking services for both corporate and retail banking customers in Bahrain.
Djibouti
British Bank of the Middle East opened a branch in 1975 that it closed in 1986, having failed to adapt itself to the market.
Egypt
HSBC Bank Egypt was established in 1982 as Hongkong Egyptian Bank with 40% HSBC ownership. In January 1994, the bank was renamed Egyptian British Bank under the same shareholding structure. The bank took the name HSBC Bank Egypt in April 2001 following an increase in shareholding by the HSBC Group's from 40% to 94.5% of its issued share capital.
Israel
HSBC started operations in Israel with a full banking license since 2001, headquartered at Ramat Gan. HSBC in Palestine currently offers Commercial banking and Private banking through HSBC Private Bank in Switzerland.
Jordan
British Bank of the Middle East had established itself in Jordan in 1949. At one point it had a branch in Jordanian Jerusalem, before the Israeli occupation of east Jerusalem after the war of 1967.
In 2013, HSBC Jordan's banking business consisted of four branches with gross assets of approximately $1.2 billion.
On 19 June 2014, Arab Jordan Investment Bank (AJIB) acquired HSBC Jordan. Almost all employees were expected to transfer to AJIB.
Kuwait
HSBC first received the license to operate in Kuwait as the Imperial Bank of Persia in 1942, it renamed itself to BBME in 1952. It left the country in 1971 following the nationalisation of all foreign bank operations.
The bank formally reestablished a presence in Kuwait in October 2005 after receiving a license by Kuwait's Council Of Ministers.
The bank has a branch located in AlHamra Tower, in Kuwait City, offering Corporate banking, Investment banking, Private banking and Treasury services.