DUBAI: HSBC Holdings’ Middle East business is to move its head office from Jersey to Dubai’s financial free zone next year, the bank said.
Mohammad Al-Tuwaijri, deputy chairman and chief executive of HSBC in the Middle East and North Africa, said the bank had been considering the move for some time.
He said in a statement it made sense for HSBC Bank Middle East’s business to be regulated in Dubai.
The bank said the move, which means it will be regulated by the Dubai Financial Services Authority, would not affect its customers or its regulatory relationships in other countries outside of the UAE.
The Dubai International Financial Center, set up in 2004, has its own labor laws and court system separate from the wider UAE.
Since opening, it has become the most prominent financial hub in the Middle East, with many international banks, law and advisory firms and insurance companies using it as their regional base. HSBC Private Bank has been based there since 2006.
HSBC Middle East to move head office to Dubai from Jersey
