HSBC to re-establish branch in Kuwait

Notes and media contacts

For more information, please contact Steve Martin, Regional Manager Corporate Affairs, tel +9714 390 6631 mobile +9715 0 4564854.

1. HSBC in Kuwait
HSBC first established in Kuwait in 1942 as the Imperial Bank of Persia. The Bank was renamed The British Bank of the Middle East in 1952 and its business was acquired by local Kuwaiti banks in 1971. In the period post-1971, HSBC has maintained close and long standing relationships with a number of Kuwaiti organisations. Following the recent amendment to the 1968 banking law which allows foreign banks to establish a single branch and in order to better serve the financial needs of its clients, HSBC applied for a licence in December 2004 and formal approval was granted on 28 February 2005.

2. HSBC Bank Middle East Limited
HSBC is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East Limited has 29 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Jordan, Lebanon, and the Palestinian Autonomous Area, including an offshore banking unit in Bahrain. 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 and British Arab Commercial Bank Limited. In addition to its Middle Eastern network, the Bank has a representative office in Tehran, Iran.

3. HSBC Group
HSBC Bank Middle East Limited has been a principal member of the HSBC Group since 1959. Serving over 110 million customers worldwide, the HSBC Group has approximately 9,800 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$1,277 billion at 31 December 2004, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.