HSBC Bank Middle East Limited said on Tuesday it has received the UAE Central Bank's approval for its acquisition of Lloyds Banking Group's onshore assets and liabilities in the UAE.
The announcement came as HSBC opened the doors of its new Jumeirah branch on Al Wasl Road to both Lloyds and HSBC customers this week.
Abdulfattah Sharaf, CEO of HSBC UAE, said: "This announcement marks an important milestone in HSBC's history in the UAE. HSBC first opened for business here in 1946 and has a record of long term commitment and investment in the UAE.
"I thank the Central Bank for its support and encouragement of HSBC's continuous growth in the UAE."
The business acquired from Lloyds Banking Group has about 8,800 personal and commercial customers and a loan book of approximately $573m (as at the end of 2011).
In March, UK-based lender Lloyds Banking Group said it would sell its onshore presence in the UAE to HSBC.
The sale, for an undisclosed sum, includes Lloyds’ retail, commercial and corporate banking businesses, which operate out of a single location in Dubai.
Lloyds’ onshore operation currently employs 223 people in the country and the lender said it was not sure how many would be offered roles at HSBC.
The deal does not include Lloyds’ International Wealth Business in the UAE, which encompasses the lender’s private banking branch in Dubai International Finance Centre and its offshore international personal banking service.