HSBC plans to register in Dubai International Financial Centre

Notes and media contacts

For further information contact Dina Kotby, Press & Communications Executive, HSBC Bank Middle East Limited, on tel 04 3906634

1. 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 30 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, 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.

2. HSBC Corporate, Investment Banking and Markets
HSBC Corporate, Investment Banking and Markets (CIBM) provides tailored financial products and services to major government, corporate and institutional clients. Within client-focused business lines, Corporate and Institutional Banking, Global Investment Banking, Global Markets and Global Transaction Banking, CIBM offers a full range of capabilities, including foreign exchange, fixed income, derivatives, risk advisory, investment banking financing, investment banking advisory, payments and cash management, trade services, and securities services. Further details can be found at www.hsbcnet.com.

3. HSBC Amanah
HSBC Amanah is the Islamic financial services division for the HSBC Group responsible for the development of Islamic financial products for distribution to customers of the HSBC Group. Its mission is to ensure that HSBC is the leading provider of value added Islamic financial products and services. Headquartered in London with regional representations in Bangladesh, Brunei, Indonesia, Malaysia, Saudi Arabia, Singapore, UAE, and USA, HSBC Amanah is uniquely positioned to understand, structure and deliver financial solutions that are compatible with the requirements of Shariah (Islamic law).
The HSBC Shariah Supervisory Committee comprises:
Justice (Retd.) Muhammad Taqi Usmani
Shaykh Nizam Yaquby
Dr. Mohamed Ali Elgari
Dr. Muhammad Imran Ashraf Usma

4. HSBC Private Bank
International private banking services are provided through offices in Dubai, Abu Dhabi and Beirut. Working with dedicated HSBC Private Bank offices around the world, the team in the Middle East provides advice and guidance on deposits, securities portfolios, asset protection (through the formation of trusts and offshore companies) and other investments such as the purchase of international real estate. Confidentiality and relationship management are cornerstones of this highly personalised service.

5. HSBC Holdings plc
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 9,700 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$1,467 billion at 30 June 2005, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.

6. The Dubai International Financial Centre (DIFC):
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.

In just over one year, more than a hundred top international institutions have joined the DIFC as full members. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.

The DIFC comprises four main organisational entities that include:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modelled on that used in London and New York, and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae)
3. The Dubai International Financial Exchange (DIFX) - A liquid and transparent electronic market trading securities, bonds and derivatives, launched in September 2005, the DIFX eases access to regional investment opportunities and funds. (www.difx.ae )
4. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The laws, enacted by His Highness Sheikh Maktoum bin Rashid Al Maktoum provide for a new court system designed especially for the DIFC and the sophisticated transactions that will be conducted within it.
• The law establishing the Judicial Authority at the DIFC creates and sets out the jurisdiction of the court and provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC; and
• The DIFC Courts Law sets out the jurisdiction, powers, procedures, functions and administration of the court. ( www.difccourts.ae )

For further information contact:
Amira Abdulla
PR Manager, DIFC
Tel: +971 4 362 2433

Tim Harrison/Lavina Chatterjee
Asda'a Financial Practice
Tel: + 9714 3355969
Mob: 050-5097631; 050-4506911