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Tue 13 Nov 2012 05:15 PM

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HSBC wins approval to acquire Lloyds' UAE assets

UK bank says it has received central bank green light for acquisition of rival's onshore ops

HSBC wins approval to acquire Lloyds' UAE assets

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.

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Billy 7 years ago

I am so very glad I managed to close all my Lloyds accounts before the HSBC takeover. Life in Dubai is hard enough without HSBC involved in it.

John Smith 7 years ago

Here here.

I just spent 3 hours trying to get a manger's cheque from HSBC. The Jumeriah branch doesn't offer this service yet. The nice lady from HSBC Premier behind the counter directed me to the Jebel Ali branch - but had no idea where it was exactly so suggested I call the HSBC call centre to find out - no thank you.

I found the Jebel Ali branch but had to wait two hours. The first cheque they produced had the payee's name wrong!

I seriously don't know why I continue to bank with HSBC in the UAE. They are an absolute shambles. The experience with their Premier representative is an absolute disgrace. How can a premium service contact not know the branch locations?

Evan 7 years ago

I personally have had no issues with HSBC in the UAE. I cannot see how any of the other Banks (local or international) are any better?

maria 7 years ago

I live a complete nightmare becoming and hsbc client now.
i have no welcome package , therefore no debit card on my own aacount because hsbc decided i can live solely with my joint account with my husband . we are two different individuals with 2 separate accounts ….
the other thing , a debit card dont work on the internet,
and the last noone review our bank balance so we will not be "premier"any way the list is long .

John 7 years ago

they are the worst bank in the Middle East. They have totally ignored the take over implications from LLoyds, they lost our account details and now I still not have access to our funds.