HSBC Middle East completes move to Dubai International Financial Centre

HSBC Bank Middle East (HBME) has confirmed the completion of its transfer to the Dubai International Financial Centre.

The unit’s head office had been located in Jersey since 1994, but will now be lead-regulated by the Dubai Financial Services Authority.

“As we look to the future, aligning our business and regulatory oversight geographically makes strong strategic sense,” said David Eldon, chairman of HBME.

“The DIFC and its independent regulator, the DFSA, combine to offer a world-class financial services centre. HSBC has operated certain businesses within the DIFC since 2006, so we know the jurisdiction and regulator well, and we look forward to developing our broader relationship with them.”

The relocation has no material impact on HBME’s business in the Mena region, the bank said in a statement.

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