Top level talks with Government deepen the bank's long-term commitment to KSA

He was speaking after concluding a three-day visit to the Kingdom where he had a series of top level discussions with senior government officials.

"HSBC has been in Saudi for 55 years, and we hope to be here for at least 55 more," said Mr Green. "That is why we continue to invest in our business here, both directly as HSBC and through our partner, SABB which has become one of the most significant contributors to the growth of the banking sector in Saudi Arabia and one of the most important links in HSBC's worldwide operations.

"Last year, we set up HSBC Saudi Arabia Limited, an investment banking joint venture. This year, we hope to create a SABB Takaful joint venture company, although this remains subject to an IPO later in the year. And we have further ambitious plans for our business here.

"It is significant that last year SABB adopted the HSBC logo. It is the only minority-owned company in the HSBC Group to use our Group logo which demonstrates the depth of our confidence in the development of our business alongside the expansion of the Saudi economy."

Mr. Green's meetings with Saudi officials and representatives of the Kingdon's banking sector ranged over banking activities in the Kingdom, the promotion of innovative banking and investment initiatives and an exchange of views on the future direction of Saudi Arabia's financial sector.

He added: "The discussions further strengthened our belief in the economic outlook for Saudi Arabia. There is a clear vision which is fuelling a determined implementation of measures which will continue to encourage increasing investment, both local and international, in the country's economy."

Mr. Green's visit also focused on enhancing the partnership between the HSBC Group and SABB, in which HSBC has a 40 per cent stake and which recently reported record profits of over SAR 3-billion for 2006.

Speaking on behalf of the SABB Board of Directors, Sheikh Khalid Sulaiman Olayan said: "Mr. Green's visit shows the importance HSBC attaches to the Saudi Arabia market and to the major role being played by the Saudi economy in the international arena, in GCC economic integration and in developing regional and international trade.

"SABB's strategic alliance with the HSBC Group gives our customers immediate and consistent access to markets across the globe while enabling SABB to enhance its operations through exposure and training of its personnel to the highest international standards."