HSBC names Dubai as key offshore banking centre

HSBC Premier offers seamless cross-border banking enabling customers to take their accounts, credit history and banking relationships with them wherever they choose to live and work.

With this new service enhancement, HSBC aims to meet the growing needs of its Premier customers who can benefit from offshore banking. Dubai has been chosen as one of the five offshore destinations of choice focusing on customers from the Middle East, North Africa and Pakistan. It has also been chosen as the centre for offshore shariah compliant (Islamic) products and services. This is the result of extensive research which shows that customers principally select their offshore centre based on where they feel most comfortable from a personal perspective.

The Jersey based HSBC Bank International, with a representative office in Dubai will continue to provide offshore financial expertise primarily to expatriates from the United Kingdom, Europe and Commonwealth countries, now living and working in the region.

Gul Khan, Regional Head of Premier, Home Finance and Insurance, HSBC Middle East, explained:

"Dubai is the regional business hub for the Middle East and North Africa region and major tourist destination with expatriates accounting for more than 75% of the UAE population."

"Dubai benefits from its geo-strategic position midway between Europe and Far East and a robust regulatory framework that is renowned for its economic and political stability. As an offshore centre, it can offer our customers convenience, security, taxation benefits and Islamic banking options."

"Premier customers today are looking for two parallel bank offerings - local retail banking services where they live and work, and an offshore offering to meeting their special needs. With our dual proposition, we can ensure that our diverse customers in the region get expert offshore financial advice from HSBC staff with whom they have an affinity culturally and linguistically while their finances are managed in a safe environment."

Five centres around the world have been designated offshore banking centres, giving HSBC customers a truly complete international banking service. The five centres are Jersey, Singapore, Hong Kong, Miami (Latin America International Centre) and Dubai.

In the UAE there is no tax on capital gains, investment income, interest income or inheritance. Customers can avail of Savings and Investment products in major currencies including HSBC Amanah Shariah compliant (Islamic) products and services. In the UAE, language capabilities include: Arabic, Hindi, Urdu & English.

Sangeeta Pendurkar, Chief Marketing Officer, HSBC Middle East, said: "This is a significant step forward in the continued success and growth of our Premier business. It provides us with opportunities to broaden our relationship with existing customers and further grow the business in this key emerging market."