HSBC announces mortgage rate cut

Notes and media contacts

Note:

Home Purchase - Variable Rate

Dependant on Loan to Value (LTV) ratio:
Up to 55% 7.5% p.a.
55.01% to 65% 8.0% p.a.
65.01% to 75% 8.5% p.a.

Home Purchase - 3 Month EIBOR Based Rate

Dependant on Loan to Value (LTV) ratio:
Up to 55% 3 Month EIBOR + 4.00% p.a.
55.01% to 65% 3 Month EIBOR + 4.50% p.a.
65.01% to 75% 3 Month EIBOR + 5.50% p.a.

EIBOR is the Emirate Inter Bank Offer Rate. 3 Month EIBOR is the interest rate charged by banks in the United Arab Emirates for Interbank transactions for a fixed period of 3 months. EIBOR is often used as a reference rate by borrowers and lenders to conduct financial transactions in Dubai and the surrounding Emirates.

LTV (Loan to Value) ratio is the Loan Amount divided by the Market Value of the property (market value will be determined using a drive by valuation)

HSBC Holdings plc:
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 9,500 offices in 86 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of $2,527bn at 31 December 2008, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.

HSBC in the Middle East:
HSBC Bank Middle East Limited is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East Limited has 45 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, Jordan, Lebanon, Pakistan and the Palestinian Autonomous Area. In addition to the branch network, the bank maintains representative offices in Tehran, Iran and Tripoli, Libya. 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; British Arab Commercial Bank Limited; HSBC Saudi Arabia Limited; SABB Securities Limited; SABB Takaful Co.; and Dar Es Saalam Investment Bank.

For more information, please contact:
Andrea JAISHANKAR
Manager - Regional Communications
HSBC Bank Middle East Limited
Emaar Square, Opp Al Murooj Rotana Hotel
Building No 5, Level 6, Dubai, UAE
Tel: 04-4235635
Fax: 04-4267372